In eight days, Ethereum plans to undergo one of the most intensive reforms since the DAO hard fork in 2016. This integration aims to change the network’s consensus mechanism from Proof-of-Work (PoW) to Proof-of-Stake (PoS). . Ahead of The Merge, the decentralized finance (Diffi) and liquid staking protocol Lido’s Total Value Locked (TVL) rose 6.34 percent this week and the project’s native token has gained more than 23 percent in US dollar terms over the past seven years. Days.
Liquid Staking Service Lido considers the demand before the merger
The merger is coming and it’s just over a week away. Crypto fans and participants have been preparing for Ethereum’s most popular fork since 2016. During the excitement, the Defi protocol Lido Finance has seen a significant move in the last seven days.
Lido is a liquid staking service that allows people to bundle Ethereum, collect revenue from tokens, and trade and hold the assets in an unregulated manner. In fact, lido staked ether (STETH), which is the bundled version of Ethereum developed by lido, is currently the 13th largest market capitalization in the crypto economy.
STETH has a market cap of around $6.57 billion as of September 5, 2022. On the last day, STETH saw $4.18 million in global trading volume. Lido Finance has seen some interest ahead of the merger and Total Locked Value (TVL) has increased by 6.34% in the last seven days.
According to data from defillama.com and lido.fi, Lido’s TVL today is $6.95 billion. Of the $6.95 billion, $6.78 billion is held by Ethereum, according to Lido’s website. Lido is the second largest DeFi protocol under Makerdao according to defillama.com metrics.
The Defi project’s native token Lido Dao (LDO) jumped 23.4 percent against the US dollar last week. LDO is ranked #48 out of 12,000 crypto assets and the token recorded a 24-hour global trading volume of $56,716,794. Today there is a circulating supply of 604,677,030 LDO and the price ranges from $1.93 to $2.07 per unit.
What do you think of Lido’s performance in the seven days leading up to the merger? Let us know what you think about this in the comments section below.
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