How Lido, Maker helped boost DeFi TVL to August highs

• DeFi TVL has risen consistently in the past two months.
• Lido and MakerDAO saw mixed user activity in the last 30 days.

The total value locked (TVL) in decentralized finance (DeFi) protocols has climbed back to its August highs.

According to data from DeFiLlama, DeFi TVL currently sits at around $53 billion, a significant increase from its lows of around $35 billion in October. This represents a 51% recovery within a two-month period.

Growth assessed on a year-to-date revealed that the DeFi ecosystem has grown significantly since the year began. As of 1st January, DeFi TVL was $39 billion. This represents a 35% uptick in the last 12 months, per DefiLlama.

How Lido and MakerDAO fared in the last month

In terms of TVL, Lido [LDO] and MakerDAO [MKR] rank as the largest DeFi protocols. Lido has a TVL of $22 billion, while Maker trails behind it with a TVL of $8 billion. Both protocols witnessed TVL growth in the last month.

Lido’s TVL increased by 19% in the past 30 days.  The TVL growth has occurred despite the decline in the daily count of active users on the protocol within the same period. 

Data from Token Terminal showed that the daily number of users conducting transactions on Lido has fallen by 15% in the last 30 days. In fact, it has trended downwards in the past six months. 

However, while user activity fell, transaction fees have continued to climb. This may be due to the general uptick in the values of crypto assets in the last month. Per data from Token Temrinal, Lido’s protocol fees have risen by 30% in the past 30 days.

Likewise, there has been a corresponding 30% hike in protocol revenue during the same period.

Source: Token Terminal

Regarding Maker, the stablecoin lender has witnessed a 7% TVL growth in the last month. Unlike Lido, Maker has seen a jump in its active daily users in the last month, During that period, their count went up by almost 65%.

Also, network fees have increased. AMBCrypto found that this has gone up by 46% within the period under review. 

The protocol has seen a revenue surge of 46% during the same period. In the last month, revenue obtained from fees has totaled $29 million.