Ethereum liquid staking protocol Lido reached $30.56 billion in total value locked in Feb. 26, according to The Block's Data Dashboard.

Lido has seen increased adoption and steadily rising TVL since around July 2022. Lido's last major peak in TVL was $20.83 billion on April 5, 2022, a month before the collapse of the Terra USD stablecoin ecosystem.

TVL describes the amount of capital invested in, or "locked," inside a decentralized finance protocol, and it's a key indicator for the popularity of that protocol. Lido has a vast lead in the total value locked of liquid staking protocols, with Rocket Pool next in line at $3.8 billion in TVL.

Lido's high TVL makes it the biggest validator on the proof-of-stake blockchain Ethereum, controlling 32% of staked ether. While Lido is a single …