- Lido DAO is on the verge of reaching 10 million ETH staked, demonstrating remarkable growth despite apprehensions surrounding the Shapella upgrade.
- With approximately 72% of the liquid-staked ETH market under its belt, Lido asserts its dominance in Ethereum staking.
- Since February 2023, the protocol's Total Value Locked (TVL) has doubled, underscoring widespread adoption and growing interest in Lido within the community.
- Even post-Shapella, Lido remains one of the top ETH staking platforms for withdrawals, indicating a high level of user trust in the protocol.
- While facing some resistance, $LDO's current price suggests the potential for a bullish reversal, as per technical analysis indicators.
An Unyielding Lido: Defying Expectations Post-Shapella Upgrade
One might have anticipated a downturn for Lido, the staking service, following the introduction of the Shapella upgrade on the Ethereum network. This upgrade allowed staked Ether to be withdrawn from the network for the first time.
However, contrary to expectations, nearly a year after this upgrade, Lido stands strong and has accomplished a remarkable milestone.
The staking protocol has now surged close to the 10 million ETH mark staked on its platform, marking a significant achievement amidst the growing demand for liquid staking solutions in the Ethereum ecosystem.
Impressive Growth of Lido DAO
According to data from DefiLlama, Lido DAO currently boasts a staggering 9.61 million ETH staked on its platform, equivalent to a whopping $21.76 billion.
To put this figure into perspective, it represents approximately 72% of the 13.10 million ETH, or $30.12 billion, in liquid ETH staked on the market.
This exponential growth is evident when comparing to the protocol's humble beginnings with less than 100,000 ETH staked in December 2022.
DefiLlama data further illustrates the significant surge in ETH staked in the Lido protocol from around 5 million ETH in February 2023 to its current impressive figure.
This substantial increase indicates a strong adoption by the Ethereum community and growing interest in the platform.
Despite the Shapella upgrade in November 2023, which allowed withdrawals from the beacon chain, Lido DAO's continued growth is a testament to its reliability and security.
$LDO's Market Performance
$LDO, the native cryptocurrency of Lido DAO, currently trades around $2.72, experiencing a 13% decline over the past week according to CoinMarketCap.
While the success of Lido remains evident, $LDO's market performance suggests ongoing bearish sentiment. However, weekly charts hint at a potential recovery on the horizon.
The price action chart indicates $LDO trading above an ascending trendline, signaling bullish momentum. Despite facing rejection from the $4 zone, recent price movements suggest a possible rebound, potentially leading to a resurgence to $4.
Disclaimer: Voice of Crypto aims to provide accurate and up-to-date information, but shall not be liable for any missing facts or inaccuracies. Cryptocurrencies are highly volatile assets, so conduct thorough research and make informed financial decisions.
