Leading liquid staking derivatives protocol, Lido (LDO), defied expectations as ETH deposits surged to a record-breaking level, even after enabling staked ETH (stETH) withdrawals. Despite the long-awaited staking frenzy, stETH withdrawals have remained stagnant, sitting around the 450,000 ETH mark, as Lido experienced an impressive milestone with the total number of ETH deposited hitting an all-time high on Friday. Presently, an impressive 6,373,289 ETH, equivalent to more than $11.5 billion, is staked on Lido, as the platform saw a remarkable increase in ETH deposits. It is worth noting that pending withdrawal requests have yet to be processed, contributing to the overall stability of stETH withdrawals. This trend has raised questions about the factors influencing stakers’ decisions, prompting closer examination. Lido’s popularity continues to soar as the most significant liquid staking derivatives protocol, holding an impressive 75% market share and surpassing its competitors in the Liquid staking (LSD) space. Meanwhile, amidst the volatile crypto landscape, LDO’s price, Lido’s native token, has experienced an upward trend over the past week, up by more than 20%. Lido has surged from a low of $1.81 seen last Friday to trading as high as $2.48 on Wednesday, with LDO’s market cap surging 20.7% from a cap low of $1.5 billion to a high of over $2 billion on Wednesday. However, LDO’s daily trading volume has only continued to range between $60 million and $100 million throughout the week.
About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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