At the time of writing, liquid staking solutions TVL is $17.41 billion, while DEXs TVL is $17.18 billion.
Liquid staking solutions, including Lido and Rocket Pool, have now outpaced decentralized exchanges (DEXs) in terms of total value locked (TVL), establishing themselves as the frontrunners in the realm of DeFi protocols.
The news was revealed by the crypto analytics platform DefiLlama which claimed that such a phenomenon occurred for the first time in liquid staking history.
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TVL is an indicator that calculates the dollar value of all cryptocurrencies contained within a protocol's smart contracts.
It is worth noting that according to archived data, liquid staking protocols have only recently climbed to the top. On April 13th, there was just $17.19 billion in crypto locked-in liquid staking contracts, compared to $18.89 billion in DEXs.
However, things took a turn when DEXs experienced a decline of $1.66 billion, dropping its TVL to $17.2 billion. At the same time, liquid staking solutions have seen a $280 million growth surging its TVL to $17.47 billion and securing the leading position.
Liquid staking protocols are solutions allowing users to stake their crypto assets simultaneously, maintaining their liquidity.
Data from DefiLlama on May 2nd showed that Lido (stETH) continues to hold the top spot among staking protocols with $11.56 billion of cryptocurrency locked within its contracts.
Coinbase Wrapped Staked Ether (CBETH) ranks second with $2.19 billion locked, while Rocket Pool (rETH) comes in third with $1.47 billion. The rest of the protocols have less than $1 billion of TVL each but collectively contribute to $2.22 billion.