Lido tops fee charts after staking successes, but there may be a catch!


  • Lido raked in probably the most quantity of charges, in comparison with different protocols
  • Value of LDO fell considerably together with community development

Lido [LDO] has been some of the dominant protocols on the staking entrance. Regardless of this, nevertheless, the protocol and its token haven’t been as in style as different networks within the crypto area.

Lido outperforms all of them

Based on newest knowledge, Lido generated probably the most charges out of all purposes in crypto. This surge in charges generated by Lido means that exercise on the community stays comparatively excessive and customers are continually utilizing this platform for his or her staking providers.

Supply: X

Nonetheless, if we delve into Lido’s efficiency over the previous week, we are able to see a combined bag. Whereas the Complete Worth Locked (TVL) dipped barely by 1.70% to $35.39 billion, doubtless on account of a minor decline in ETH;s value, there have been some constructive indicators as properly.

For example, Lido continues to draw stakers, with a web enhance of 19,392 ETH staked, representing a 0.26% hike. This interprets to the next general quantity of ETH staked on the platform, with a determine of 9,513,384 ETH.

Supply: Dune Analytics

Moreover, the 7-day transferring common (7d MA) for stETH’s Annual Proportion Price (APR) exhibited a constructive pattern, climbing by 0.09% to hit 3.27%. This implies a possible hike in staking rewards for Lido customers.

Quite the opposite, buying and selling exercise for wrapped stETH (wstETH) appeared to have cooled down, with the 7-day buying and selling quantity dropping by 19.7% in comparison with the earlier week. By doing so, it settled at a price of $1.03 billion on the charts.

Supply: Lido

Trying on the knowledge

Apparently, the information additionally revealed motion throughout the Lido ecosystem. Whereas the whole quantity of wstETH bridged to Layer 2 (L2) options fell by 2.86% to 136,893 wstETH, the quantity bridged to Cosmos noticed a minimal decline of solely 0.16% during the last 7 days.

At press time LDO was buying and selling at $2.18, with its value down by 4.11% within the final 24 hours. The quantity at which LDO was buying and selling additionally declined by 34.57% throughout the identical interval. Furthermore, the community development round LDO fell materially, implying that new addresses have been dropping curiosity in LDO.


Lifelike or not, right here’s LDO’s market cap in BTC’s terms


That being stated, the general variety of addresses holding LDO has continued to climb over the previous few days. This may be interpreted as an indication of accumulation on a smaller scale, regardless of the fluctuation within the token’s value motion.

Supply: Santiment



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