The rise in Lido Finance, which provides Ethereum staking service, draws attention. While the protocol's token once again pushed the $2 level, the locked asset value reached the $7 billion mark.
LDO, the own token of the decentralized finance application Lido Finance, has seen significant increases in the last week. The LDO token, which was $1.60 on Monday last week, went up to $2.18 on Friday. The token, which is currently at the level of $ 1.93, has gained more than 20% to its investor in a week.
Transaction volume on LDO also increased by 19% in 24 hours. Investors made the most LDO transactions with BUSD, the stablecoin of the Binance exchange, while USDT and Bitcoin came in second and third places. Binance is also in the first place in the most traded exchanges. It is followed by FTX, Gate.io and KuCoin.
As it is known, Lido Finance is one of the largest “liquid” staking platforms… It ranks second behind Maker in terms of locked asset value. Users who lock proof-of-stake tokens such as Ethereum, DOT and MATIC into the protocol receive “stacked versions” of the crypto money they hold as interest in return for these deposits. For example, a user who provides Ethereum to the protocol receives stETH, or “stacked Ethereum” in return. These earned tokens can also be staked on another platform.
Data collected from Dune Analytics also shows that there has been a similar increase in the amount of Ethereum invested in the Beacon Chain since last week. As it is known, Beacon Chain is a Proof-of-Stake (PoS) version that works in parallel with the Proof-of-Work version of Ethereum.
Lido Finance currently owns over 30% of the entire Ethereum staking market and holds 4.15 million Ethereum. At today's prices, the combined value of these Ethereums is more than $6.49 billion.