Lido, the liquidity staking protocol that supports staking, is now under some of the Ethereum community members’ crosshair. There are fears that the platform is centralizing Ethereum and could make the blockchain fragile.
As of June 1, Lido is the largest decentralized finance protocol. DeFiLlama data shows that the platform manages $13.2 billion in staked assets.
At this level, Lido has nearly twice the total value locked (TVL) as in MakerDAO, one of the original decentralized money markets in the sphere.
MakerDAO has $6.29 billion in TVL and only serves Ethereum.
Lido Is Ethereum’s Weak Point?
Concern from critics is not only about the dominance of Lido in terms of TVL but the number of validators using the protocol.
According to on-chain data, over 19 million Ethereum has been staked in the Beacon Chain, that is, the proof-of-stake network.
However, out of this amount, 6 million Ethereum has been staked through Lido. This translates to roughly 36% of all staked Ethe
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