Ethereum-based Liquid Staking Derivatives (LSD) protocol Lido DAO (LDO) has released its performance report for the month of July, showcasing some of its impressive milestones following the Shapella Upgrade. As contained in the Lido report, its total value locked (TVL) surged to a high of $15 billion in July, a level it has not recorded since May 2022.
While the Shapella Upgrade, which enables investors to withdraw their staked ETH coins, is supposed to slow down the patronage to Lido, the opposite reaction was recorded eventually. The Lido report also highlights some core growth metrics, including total user count.
According to Lido DAO, the total number of users embracing the LSD platform for the very first time jumped to a peak of 10,000 new stakers. Most of these new stakers did not come without a cogent agenda to drive growth, and their positive gesture has translated to more ETH coins being staked; Lido said it is confident the total Ethereum coins staked on its platform will likely surpass eight million.
Lido DAO remains the dominant LSD protocol while also being the dApp with the highest total value locked (TVL) on the Ethereum protocol.
Lido metrics and antagonistic price
The report of its performance as published by Lido shows a number of negative metrics across the board, but the positive figures generally offer a key covering as it seeks to distinguish itself.
Despite this, the LDO token has been recording a comparatively poorer performance. Despite the documentation of significant price actions in the past, LDO at this time is worth just about $1.84, down about 1.14% over the past 24 hours and by more than 4% in the month-to-date period.
Lido is a protocol with solid insurance for its future as the broader Ethereum ecosystem journeys on with its evolution.