Lido Finance’s TVL tops $12.7bn after Shapella hard fork

On April 18, the total value locked (TVL) in LSD-provider Lido Finance reached a maximum of 6.32 million ETH (~$12.67 billion). The driver was the recent activation of the Shapella upgrade.

Shapella activated the implementation of EIP-4895 — enabling users to withdraw from staking.

Since January, Lido Finance’s TVL has risen by 20%.

Some 141,000 users have staked ETH on the platform, according to Nansen.

Lido accounts for 30.9% of the coins locked in the deposit contract.

“It is quite likely that some will move to liquid staking. The hard fork opens the doors for new participants who previously refrained from placing Ethereum in LSD,” — said The Block’s director of growth at Allnodes, Robert Ellison.

Earlier, Glassnode reminded of the promise by the Lido Finance team to redeploy the rewards earned from staking. The conversion of stETH to ETH for the provider’s clients will be available in May.

In April, deposits in Ethereum staking surpassed withdrawal volumes for the first time since the activation of Shapella.