Having survived per week dominated by the bears, the value of Lido DAO (LDO) is on the rise as we speak, tallying a 16% enhance up to now 24 hours. This value restoration has left many questioning if the bearish development is over and whether or not the bulls may be onto one thing right here.
That stated, Lido Finance continues to say its dominance within the liquid staking market, recording a considerable enhance in its whole worth locked (TVL) in ETH LSDs up to now week.
Lido DAO Token Worth Overview
The previous week noticed the bears take the cryptocurrency market by storm; this has just about been the case because the begin of Could. We watched on as the newest crypto sensation, PEPE, shed a large chunk of its recently-accrued worth within the final seven days.
The story hasn’t been any a lot totally different for the LDO token. Previously week, this cryptocurrency misplaced 1.2% of its worth. It’s price noting that this determine has solely simply dropped – due to the upward value motion of the token within the final 24 hours.
Nonetheless, a broader take a look at Lido’s market efficiency up to now month nonetheless reveals a gradual value decline. This present downturn in value began way back to April 18, with the token’s worth dipping by greater than 20% inside this era.
That stated, the token seems to be on some type of restoration. In keeping with CoinGecko information, a Lido DAO token presently trades at $1.88, tallying a formidable 16.1% enhance up to now 24 hours. In the meantime, there was a corresponding 63.8% leap within the token’s day by day buying and selling quantity.
Lido DAO buying and selling at $1.894 | Supply: LDOUSD chart from TradingView
Lido Finance Maintains Dominance In ETH Liquid Staking
Knowledge from DeFiLlama reveals that Lido Finance gained a formidable 4.73% enhance in TVL up to now week. In the identical time, Coinbase Wrapped Staked Ether, the second-largest LSD protocol, misplaced 0.91% of its TVL.
A broader take a look at the metrics reveals that Lido’s TVL jumped by greater than 11% up to now month. Inside the identical interval, the TVLs of Rocket Pool and Frax Ether rose by a staggering 35.23% and 42.52%, respectively.
Supply: DeFiLlama
Certainly, LSD protocols, resembling Rocket Pool and Frax Ether, are starting to achieve super market share within the liquid staking trade. Nonetheless, Lido Finance continues to dominate the market, holding 74.35% of TVL in ETH liquid staking derivatives (LSDs). This accounts for six.6 million ETH of the entire locked ether.
Total, the liquid staking market continues to broaden – as anticipated, following the Ethereum “Shapella” improve. As of this writing, a complete of 8,886,107 ETH is locked in LSDs, with over 450,000 ether tokens added within the final two weeks.
-Featured picture from Salomon Magaza, chart from TradingView