Lido Finance Token Price Surges as TVL Increase

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The LDO token from Lido Finance has increased by approximately 8% over the past day, hitting a weekly high of $1.3 late Monday. The liquid staking system, which earlier this week passed MakerDAO to become the largest DeFi protocol by total value locked (TVL), is the cause of LDO’s price increase.

According to information from DeFiLlama, MakerDAO’s TVL has decreased by more than 8% over the past month to $5.93 billion. In the same time frame, Lido Finance’s TVL decreased by almost 2% and is presently at $5.99 billion, making Lido Finance the leader in TVL.

Meanwhile, LDO has dropped from its weekly high, according to data from CoinGecko, and is presently trading at about $1.24.

TVL is a visible on-chain metric that represents the entire amount of money held in the protocol’s smart contracts. The popularity of the decentralized finance (DeFi) protocol increases with TVL.

Lido Finance provides liquidity for illiquid-staked proof-of-stake coins like Ethereum 2.0, Solana (SOL), Polygon (MATIC), Polkadot (DOT), and Kusama (KSM).

Source: DeFiLlama

The adoption of liquid staking systems like Lido Finance has grown since the Ethereum merger. Additionally, from 4.43 million ETH on September 15, 2022, the date of the merge, to 4.9 million ETH as of right now, the total amount of ETH staked on Lido has increased by 10%.

Lido’s LDO has put on a remarkable rally recently and has increased by about 20% in the last week. The cryptocurrency’s market value surpassed $1 billion on Monday for the first time since November 2022.

Sellers Betting Heavily Against Lido

The day has been difficult for LDO short traders. In the last 24 hours, over 91.78% of LDO short trades worth almost $420,000 had been settled, according to statistics from Coinglass.

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.