Amid ETH's price volatility, its deposit on Lido climbed in the last week, resulting in an uptick in the protocol's TVL.
. This represented the largest increase among the top five decentralized finance protocols by TVL, according to the data on-chain data provider.Still the largest DeFi protocol by TVL, Lido’s TVL was $14.06 billion at press time.
The increase in Lido’s TVL in the last week was primarily due to an uptick in ETH deposits on the protocol during the period under review. This occurred despite the significant price volatility that has plagued the leading altcoin since the deleveraging event of 17 August. According to data from Dune Analytics, ETH deposits on Lido totaled 185,500 over the last seven days, making it the protocol with the highest net new deposits on Ethereum during that period. Coinbase and Rocket pool trailed behind it with deposits of 28.096 ETH and 11,800 ETH.However, despite the TVL uptick, Lido’s stETH APR assessed on a 7-day moving average experienced a decline. As of 28 August, this was 3.80%, falling by 7% in the preceding week.
On Layer 2 platforms, the tokenized version of staked Ether-wrapped stETH [wstETH] grew in the last week. Per Dune Analytics, wstETH saw an increase of 0.05% over the past seven days on
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