The total value locked in the liquid staking protocol Lido has surpassed $30 billion.

Lido, the Ethereum liquid staking protocol, had a total locked value of $30.56 billion as of February 26, according to The Block’s data dashboard.

Lido has seen increasing adoption and a steady rise in TVL since around July 2022. Lido’s last major TVL high was $20.83 billion on April 5, 2022, a month before the collapse of the Terra USD stablecoin ecosystem.

TVL describes the amount of capital invested or “locked” within a decentralized finance protocol and is a key indicator of the popularity of that protocol. Lido has a huge lead in total value of liquid staking protocols, followed by Rocket Pool with $3.8 billion in TVL.

Lido’s high TVL makes it the largest validator on the proof-of-stake blockchain Ethereum, controlling 32% of staked Ethereum. Although Lido is a single protocol, it collaborates with 36 entities to run nodes and manage the block production process.

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