Lido (LDO) Price Inks Gains Alongside TVL Rise – What Traders Should Expect

Christian Encila

Last Updated: August 30, 2023 10:50 am

3 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Lido DAO (LDO), the driving force behind the revolutionary liquid staking protocol for Ethereum (ETH), has displayed an impressive 7.41% ascent in its Total Value Locked (TVL) over the course of the last seven days.

This robust surge in TVL has positioned Lido Finance as a prominent contender in the decentralized finance (DeFi) landscape, illustrating its resilience amidst a fluctuating market.

According to the latest data from DeFiLlama, Lido Finance’s TVL witnessed a notable augmentation, securing its place as the most substantial growth among the top five DeFi protocols. This feat underlines Lido’s exceptional capacity to adapt and expand, distinguishing itself from its counterparts during a pivotal time for the DeFi sector.

Lido Finance TVL. Source: DeFiLlama

Despite the tumultuous price fluctuations that have characterized the altcoin realm, Lido’s TVL growth stood unwavering. This achievement can be attributed to a discernible surge in Ethereum deposits within the protocol over the reviewed timeframe.

Lido’s ETH Deposits Surge Amidst Uncertainty

The primary driver behind Lido’s remarkable TVL surge over the past week was a substantial influx of ETH deposits into the platform. Even in the face of significant market price gyrations, Ethereum holders exhibited a commendable degree of confidence in Lido’s liquid staking protocol.

LDO has a market cap of $1.47 billion. Chart: TradingView.com

Recent technical analysis highlights that the platform saw a cumulative total of 185,500 ETH deposits in the last seven days alone. This not only positioned Lido as a beacon of stability in a tempestuous market but also secured its status as the go-to protocol for net new Ethereum deposits.

Insights And Outlook For Lido Finance

Lido Finance’s recent achievements underscore its growing prominence in the DeFi realm. With a current price of $1.66 according to CoinGecko, the platform’s token’s resilience (LDO) is further affirmed by its 24-hour rally of 5.1%. Over the span of the last seven days, Lido has achieved gains of 1.4%, a testament to its unwavering performance even in challenging times.

LDO seven-day price action. Source: Coingecko.

As the broader cryptocurrency landscape continues to evolve, Lido’s success serves as a reminder of the power of innovative DeFi solutions. By facilitating liquid staking for Ethereum, Lido DAO not only appeals to those seeking rewards from staking but also embodies the ethos of adaptability that is vital for thriving in the ever-changing world of decentralized finance.

As Lido outperforms its peers in TVL growth and garners a significant influx of ETH deposits, it proves that adaptability and reliability are the cornerstones of sustainable success in the dynamic realm of decentralized finance.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from PortalCripto

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.