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Curve Dethroned as Largest DeFi by TVL: See New Leader

Fri, 05/06/2022 - 12:36
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Vladislav Sopov
Delphi Digital analytics platform shares details of revolution in DeFi: Curve Finance (CRV) is not largest DeFi by TVL anymore
Curve Dethroned as Largest DeFi by TVL: See New Leader
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Delphi Digital experts indicated historical change in the top rankings of decentralized finance protocols (DeFis) by total value locked in smart contracts (TVL).

Lido Finance overtakes Curve: Delphi Digital

As per Delphi Daily analytical newsfeed, yesterday, May 5, 2022, for the first time ever, liquid staking solution Lido Finance (LDO) overtook DeFi protocol Curve Finance (CRV) by total value locked (TVL).

Lido Finance's (LDO) TVL eclipsed $19 billion. Largely, this upsurge should be attributed to increased interest in Ethereum 2.0 staking in deposit contracts.

Users choose Lido Finance (LDO) due to its liquid staking instruments that unlock opportunities for flexible and high-yield staking.

As of early May 2022, Lido Finance (LDO) clients are responsible for 32% of all Ethers (ETH) staked in ETH2 deposit contracts. This is a massive sum: Ethereum (ETH) supporters deposited more than 12.4 million Ethers into this contract.

Terra's Anchor Protocol follows closely, but there is a caveat

Despite the major pullback of crypto prices, this sum is still more than $33.2 billion in equivalent.

Terra's Anchor Protocol (ANC), as well as Aave Finance (AAVE) and Maker (MKR), are also represented in the top five DeFis by total value locked (TVL).

Anchor Protocol (ANC) is almost ready to challenge Curve (CRV), but recently it reduced the APY for its flagship instrument—staking of TerraUSD (UST) stablecoin. This, in turn, may slow the progress of the protocol and the meteoric growth of its userbase.

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About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)