In the decentralized finance (DeFi) ecosystem, November 2023 marked a resounding chapter for Lido DAO, the world’s leading Ethereum staking protocol.
The monthly report revealed a cascade of significant milestones and advancements that reflect the platform’s steady ascension.
The most notable milestone was the explosion of Total Value Locked (TVL) which exceeded $20 billion for the first time since April 2022.
This 18% increase was driven by a notable influx of net Ethereum deposits, while the price of ETH saw a vigorous rise.
In line with this breakneck growth, the number of new ETH participants catapulted past the 200,000 mark, underscoring the confidence and sustained interest in Lido’s platform.
No less impressive was the flourishing of stETH, along with its wstETH variant
These Ethereum staking tokens expanded in the DeFi ecosystem, reaching a figure of 3.52 million stETH, representing an increase of 10.34%.
Furthermore, wstETH, especially on the Arbitrum network, showed a spectacular increase of 18.57%.
Lido’s governance sphere also shone with multiple successful proposals.
Four crucial proposals, including the acquisition of wstETH bridging components in zkSync Era and Base, as well as the implementation of GOOSE targets and the Simple DVT sating module, gained unanimous approval in the Snapshot votes.
These advances reflect Lido’s determination to continue innovating and improving its protocols.
As for the community, the Node Operators Community meeting #12 was an invaluable source of ideas.
From the introduction of the Community Staking Module (CSM) to the DUCK initiative, designed to strengthen node operations, these discussions deepened collaboration and knowledge sharing.
Collaborations have also flourished, with strong partnerships with Hashkey Exchange, Base (L2), Aave V3 on Base, Lybra Finance, Solidly V3 DEX, and Argent Mobile significantly expanding the reach of the Lido protocol.
