Lido has once again marked a new achievement in its name recording a massive inflow of Ether (ETH) for staking purposes.
It is a major platform for liquid staking that sees the highest influx of ETH for staking purposes. It has the highest number of ETH locked on its protocol.
Lido Records Huge ETH Influx
The data analyzing firms have revealed that the particular protocol has witnessed a great influx of ETH. The Lido protocol has reported that they have recorded the highest influx of ETH for staking in a single day.
The firm has confirmed that they have recorded an influx of 150,000 ETH in a single attempt. The total valuation of the transferred funds is $240 million and they have been transferred for the purpose of staking.
The officials have confirmed that it is the highest daily influx they have recorded ever since their protocol has become operational.
Staking Rate Limited was Triggered
Although the protocol has been around for a while and has witnessed massive influxes in the past, none were as big as 150k ETH.
Therefore, it ended up triggering a particular feature that offers safety to the protocol. The Lido protocol team revealed that as such a high influx of ETH was witnessed, the Staking Rate Limit feature was triggered.
The particular feature gets activated for the safety of the protocol. As a certain number of ETH was hit, the feature was activated on its own.
The feature is known for tracking the large inflow spikes of cryptocurrencies into the protocol. The purpose of the feature is to eradicate the pausing of stake deposits by attempting a dilute value reduction.
The tracked data shows that the TVL in Lido has spiked significantly in a matter of 24-hours, going up to 2.09%. The growth recorded for the TVL in the past 30 days shows that it has surged by 9.02%.
In terms of value, the total value that the protocol has witnessed getting locked in a matter of a month of $8.93 billion.
Founder of Tron Deposited the Funds
The entire Lido community was surprised to witness such a massive influx of ETH into the protocol. They were eager to know exactly who had transferred so many ETH into the staking protocol.
The data analyzing and the research firms went ahead to establish exactly who had made such a large deposit of staked ether (STETH).
At the moment, the total value locked on the protocol is $8.93 billion. Out of the total funds, $8.7 billion have been stored in the form of staked ether (STETH).
Although the token is in staked form, it still has a tremendous valuation. It is because of the high valuation that the asset has become the 12th most valued asset in the crypto market.
Statement by Hildobby
Hildobby, a major research and analyzing firm has shared information pertaining to the protocol and the massive influx.
The firm reported that today, they witnessed a huge influx that saw 150k ETH being moved into the Lido protocol for staking.
The volume moved into the Lido protocol was 0.9% of the total number of ETH that has been staked in all major staking platforms.
The firm reported that they never recorded such a large number of ETH being staked into any protocol, let alone the Lido protocol.
Announcement by Lido
It was back in January 2023, when a major announcement was made by Lido. It announced that they were planning to introduce a new feature that the users would be able to benefit from on the Lido protocol.
The announcement was made by Lido protocol prior to the update of the Shanghai hard fork. It was reported that the hard fork will be implemented in March but the date has been updated to February 28, 2023.
Lido announced that it will be introducing a feature that would allow users to deposit and withdraw funds anonymously. They do not have to reveal their identities, which is going to be huge traction for many high-profile investors.