The crypto market has witnessed a turbulent few weeks after the FTX collapse but Lido Finance, a liquid staking protocol, has been a bright spot amidst the chaos. According to Data from DeFiLlama, Lido protocol has earned $1 million or more in fees daily since October 26.
Lido fees and revenue over time. Lido has collected over $1M in fees every day since October 26th
Lido’s market capitalization does not match its on-chain fundamentals
While fees, deposits and revenue continue to increase for Lido, the market cap of LDO tokens is not keeping pace.
As mentioned above, Lido hit a record amount of fees on Nov. 10, at the same time the market cap decreased from $1.2 billion to $663.7 million.
According to Coingecko, during this same period, the price of LDO tokens dropped from $1.80 to a low of $0.90.
Despite the market-wide downturn, Lido is showing strong fundamentals on multiple fronts. The steady uptick in DAUs, revenue and new unique participants are all key components for assessing growth and sustainability within a DeFi platform.
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