Value Bound in Lido Rises Ahead of Ethereum merger, LDO token jumps 23% higher in 7 days

In eight days, Ethereum is planning one of the most intense upgrades since the DAO hard fork in 2016, as The Merge aims to switch the network’s consensus mechanism from Proof-of-Work (PoW) to Proof-of-Stake (PoS). . Ahead of The Merge, decentralized finance (defi) and liquid staking protocol Lido’s Total Value Locked (TVL) surged 6.34% this week and the project’s native token is up more than 23% over the past seven years against the US dollar days.

Liquid staking service Lido sees demand ahead of merger

The merger is imminent and it’s only a week away. Crypto supporters and participants are gearing up for Ethereum’s most notable fork since 2016. Amid the anticipation, defi protocol Lido Finance has seen significant action over the past seven days.

Lido is a liquid staking service that allows people to package their Ethereum and collect revenue from the tokens while being able to trade and hold the assets without custody. In fact, Lido Staking Ether (STETH), the boxed version of Ethereum issued by Lido, is currently the 13th largest market cap in the crypto economy.

STETH has a market valuation of approximately $6.57 billion as of September 5, 2022. Last day, STETH recorded a global trading volume of $4.18 million. Lido Finance saw some demand ahead of The Merge and Total Value Locked (TVL) increased by 6.34% over the past seven days.

Statistics from defillama.com and lido.fi both show that Lido’s TVL is $6.95 billion today. According to Lido’s website, $6.78 billion of the $6.95 billion will be staked on Ethereum. Lido is the second largest defi protocol under Makerdao according to defillama.com metrics.

Defi Project’s native token Lido Dao (LDO) is up 23.4% against the US dollar over the past week. LDO ranks 48th out of more than 12,000 crypto assets and the token has seen a global trading volume of $56,716,794 in 24 hours. There is a circulating supply of 604,677,030 LDO today and the price ranges from $1.93 to $2.07 per unit.

tags in this story

Bonded ETH, Bonding, Decentralized Finance, DeFi, Dominance Assessment, ETH, Ether, Ethereum, Lido, Lido Bonds, Lido Ethereum, Lido Finance, Lido Staking, Liquid Staking, Liquidity, Liquidity Pool Providers, Liquidity Pools, LP, Staking Companies, STETH, total suspended, TVL, confinement

What are your thoughts on the action Lido has seen in the past seven days leading up to The Merge? Let us know what you think about this topic in the comment section below.

Jamie Redman

Jamie Redman is the news director at Bitcoin.com News and a Florida-based financial technology journalist. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for bitcoin, open source code and decentralized applications. As of September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about today’s emerging disruptive protocols.

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