The Ethereum (ETH) network and staking provider Lido Finance (LDO) have been making waves recently in the ever-evolving world of decentralized finance (DeFi). According to a ranking by data provider Token Terminal, Ethereum secured the top spot, with a 30-day revenue generation of $370.6 million as of Monday. Meanwhile, Lido Finance claimed the third position with a revenue of $6.1 million. These figures are not only impressive for the DeFi space, but they also highlight the substantial growth that has occurred in the past month for both Ethereum and Lido Finance.
In fact, among the most well-known DeFi projects, Ethereum and Lido Finance now boast the strongest 30-day trend growth in terms of revenue generation, with increases of 81.9% and 23.8%, respectively. While this is certainly a positive trend for both platforms, it also raises the question of whether this growth is sustainable and if it can maintain this momentum.
On the other hand, Justin Sun’s Tron (TRX) blockchain network achieved second place in the ranking, with a 30-day revenue generation of $84.8 million. Despite this, the platform has not seen the same level of revenue growth as Ethereum and Lido Finance. This disparity demonstrates the importance of considering not only revenue figures but also the growth trends when evaluating the long-term potential of DeFi projects.
Looking at a longer time frame of 180 days, Ethereum’s dominance becomes even more pronounced, having collected a massive $1 billion in revenue. Lido Finance stands in sixth place with $25.1 million during the same period, trailing behind projects such as NFT marketplace OpenSea and decentralized exchange GMX.
At the time of writing on Monday, the total value locked (TVL) on the Ethereum network amounted to $27.9 billion, with Lido Finance contributing nearly 50%. Lido Finance itself had a TVL of $13.1 billion, as per data from DefiLlama. It is worth noting that despite these impressive figures, the ETH price remains somewhat flat on a 30-day basis, according to data from CoinGecko.
Overall, these recent trends in the DeFi space highlight the need for investors and enthusiasts to look closely at the growth trajectories of these platforms. While Ethereum and Lido Finance are currently making headlines with their significant revenue growth in the short term, the key lies in determining whether this growth can persist in the long run, as the DeFi landscape continues to evolve.