Journalist
Posted:
- Eigen Layer noticed a large tick in its deposits and gained province within the LSD house.
- Lido continued to see progress, with its token worth seeing inexperienced.
The Lido [LDO] protocol has been one of the vital outstanding networks within the LSD sector. It additionally gained probably the most from the crypto group’s rising curiosity in liquid staking.
Nevertheless, with the rise in curiosity, the competitors additionally grew. EigenLayer not too long ago achieved a Whole Worth Locked (TVL) milestone by surpassing $1 billion.
This achievement adopted the introduction of six new liquid staking tokens to their platform. Moreover, EigenLayer expanded its world cap from 120,000 ETH to 500,000 ETH.
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EigenLayer has simply surpassed $1 billion in TVL after introducing 6 new liquid staking tokens and elevating their world cap from 120k ETH to 500k ETH. pic.twitter.com/YrS8mEX3Sw
— ASXN (@asxn_r) December 22, 2023
Regardless that the LSD house is getting crowded, Lido protocol stands to profit from this. A serious chunk of deposits made to the Eigen Layer had been from the large quantities of stETH being deposited into the protocol.
Supply: ASXN
The recognition of stETH will play a vital function in Lido’s progress sooner or later. Together with the stETH’s fame, Lido’s governance may have a hand within the progress of the protocol.
Lido governance confronted a situation the place one in all its collaborators, InfStones, encountered technological challenges. To mitigate potential dangers, InfStones proactively halted sure operations, addressed the problems, and carried out further measures to reinforce system safety.
Subsequently, the Lido group engaged in a deliberative course of to determine whether or not to reinstate InfStones. After thorough discussions, they concluded that InfStones had successfully rectified the technical points.
Consequently, the group granted approval for InfStones to renew its earlier actions.
The swift motion taken by the Lido DAO confirmed that regardless of the protocol rising quickly, the governance can nonetheless make fast choices that may assist the protocol in the long term.
How is LDO doing?
The expansion of Lido was mirrored in its worth actions as nicely. At press time, LDO was buying and selling at $2.32 and its worth had grown by 5.52% within the final 24 hours.
Sensible or not, right here’s LDO’s market cap in BTC’s phrases
The community progress of the token additionally elevated throughout this era. This meant that new addresses had been interacting with the LDO token way more continuously than common.
Solely time will inform whether or not LDO will be capable of retain this sort of momentum.
Supply: Santiment
