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Expected Ethereum Update Benefited LDO

The expectation that Ethereum’s upgrade in March would resolve the existing risks in staking ETH benefited the liquid staking platform Lido DAO. It has risen 62 percent in the last seven days.

The Lido DAO platform simplifies the staking process on Ethereum, which allows returns on ETHs. Users stake their ETH on Lido and receive Lido Staked ETH (stETH) in return. stETHs can then be used for returns on different protocols and provide additional rewards. According to DefiLlama, Lido is the second largest decentralized finance (DeFi) protocol with a locked asset value of $6.15 billion.

The recent setting of the date for the “Shanghai” hard fork of the Ethereum blockchain is thought to have caused the LDO price to rise. With the upgrade coming around March, Ether stakers will reportedly be able to withdraw their holdings from the previously unavailable proof-of-stake Beacon Chain.

LDO is not the only DAO token on the rise. On the other hand, BitDAO’s BIT token has also increased significantly in recent days. BIT, which traded at $0.31 earlier this year, rose more than 35 percent, surpassing $0.42. The $100 million USDT BIT buyback offer on BitDAO has been unanimously approved. BitDAO began a 50-day, $2 million-a-day buyback on January 1. The increase in BitDAO was also realized thanks to this buyback plan.

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