Since Ethereum’s switch to the proof-of-stake consensus algorithm in September, Lido Finance’s decentralized finance (DeFi) protocol has seen its total value locked (TVL) rise to the top.

It now holds a total market cap of $5.96 billion in TVL, surpassing both MakerDAO’s $5.91 billion and AAVE’s $3.26 billion, according to DeFiLlama.

This has been attributed to its liquid staking protocol, which does not require users to put up the standard 32 ETH minimum to participate in liquid Ether staking.

Data analytics firm Nansen has reported that staking solutions like Lido’s have been highly sought after since Ethereum’s transition, with Lido earning $1 million in fees each day since October 2022.

It was also found that Lido held the largest portion of staked ETH among DeFi protocols in September 2022, at 31%, compared to 15% held by Coinbase and 8.5% held by Kraken.

On the other hand, MakerDAO, the regulatory entity of the Maker protocol, saw its income dip to just over $4 million in Q3 2022 due to low liquidations and weak lending demand, according to Messari.