Lido (LDO) Surges 16% In Single Day, Maintains Dominance In Liquid Staking Market
13 Mai 2023 - 10:45AM
NEWSBTC
Having survived a week dominated by the bears, the price of Lido
DAO (LDO) is on the rise today, tallying a 16% increase in the past
24 hours. This price recovery has left many wondering if the
bearish trend is over and whether the bulls might be onto something
here. That said, Lido Finance continues to assert its dominance in
the liquid staking market, recording a substantial increase in its
total value locked (TVL) in ETH LSDs in the past week.
Related Reading: Investors Shy Away From Bitcoin (BTC) and Lido DAO
Lido DAO Token Price Overview The past week saw the bears take the
cryptocurrency market by storm; this has pretty much been the case
since the start of May. We watched on as the latest crypto
sensation, PEPE, shed a massive chunk of its recently-accrued value
in the last seven days. The story hasn’t been any much
different for the LDO token. In the past week, this cryptocurrency
lost 1.2% of its value. It is worth noting that this figure has
only just dropped – thanks to the upward price movement of the
token in the last 24 hours. Nevertheless, a broader look at
Lido’s market performance in the past month still shows a steady
price decline. This current downturn in price started as far back
as April 18, with the token’s value dipping by more than 20% within
this period. That said, the token appears to be on some sort
of recovery. According to CoinGecko data, a Lido DAO token
currently trades at $1.88, tallying an impressive 16.1% increase in
the past 24 hours. Meanwhile, there has been a corresponding 63.8%
jump in the token’s daily trading volume. Lido DAO trading at
$1.894 | Source: LDOUSD chart from TradingView Lido Finance
Maintains Dominance In ETH Liquid Staking Data from DeFiLlama
reveals that Lido Finance gained an impressive 4.73% increase in
TVL in the past week. In the same time, Coinbase Wrapped Staked
Ether, the second-largest LSD protocol, lost 0.91% of its
TVL. A broader look at the metrics shows that Lido’s TVL
jumped by more than 11% in the past month. Within the same period,
the TVLs of Rocket Pool and Frax Ether rose by a staggering 35.23%
and 42.52%, respectively. Source: DeFiLlama Indeed, LSD protocols,
such as Rocket Pool and Frax Ether, are beginning to gain
tremendous market share in the liquid staking industry. However,
Lido Finance continues to dominate the market, holding 74.35% of
TVL in ETH liquid staking derivatives (LSDs). This accounts for 6.6
million ETH of the total locked ether. Overall, the liquid staking
market continues to expand – as expected, following the Ethereum
“Shapella” upgrade. As of this writing, a total of 8,886,107 ETH is
locked in LSDs, with over 450,000 ether tokens added in the last
two weeks. Related Reading: Lido DAO Records Biggest Network
Transaction In 2 Years -Featured image from Salomon Magaza, chart
from TradingView
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