By Nathan Ferguson
Ethereum’s much-awaited Merge might boost ETH to explore new regions on its price chart. However, Ethereum isn’t alone in the journey, as Lido DAO appears as a performing passenger in the coming sessions. LDO is among the steadiest assets within the marketplace, following a more than 280% surge over the recent weeks.
True-Hearted
LDO price flourished primarily because of the crypto’s association with the leading ‘smart’ contract network by TVL (total value locked), Ethereum. For instance, Lido DAO held a massive stETH figure. Meanwhile, the Ether staked in the Merge ‘smart’ contract has increased from June 13’s 3.5 million to press time numbers of 4.18 million, confirming the direct association.
While publishing this content, LDO surged beyond the $2.6 value area, following an over 17% increase within the past 24 hours. Meanwhile, the altcoin recorded a whopping 580% value surge from the latest low. Multiple shifts by this token could have triggered such developments. For example, whales capitalized on LDO’s discounted prices. Insights from the IntoTheBlock show dominant buyers almost doubled their stash within the previous year.
Even ETH whales enjoyed LDO, becoming the most utilized ‘smart contract by the top 500 Ether whales within the past 24 hours. Besides that, the staggering price surge also supported the project’s total value growth. The TVL increased from $6B to press time’s $7.09 billion within two weeks.
On Positive Note
Lido Finance did witness challenges to arrive at its current junction, from fears of deteriorated liquidity for derivative staking to LDO surging to weekly highs. Also, the project introduced staked Ether (stETH) offerings across the ETH Layer2 networks – Arbitrum and Optimism.
That would support ETH staking through bridges to Layer2s using Lido Finance’s Ether staking token – the wstETH. However, this Ethereum-reliance relationship exhibits concerns as reality may not match expectations after the Merge.
The crypto market saw brief upticks within the past day. Bitcoin gained 0.25% in the 24 hours to change hands at $23,210.45. Also, the altcoin space saw slight surges, with Ethereum gaining 0.35% to $1,660. The market seems prepared for green actions today.
Stay tuned for upcoming developments in the crypto space.