Blockchain intelligence platform Santiment warns that the massive rally recorded by a top-50 altcoin could be coming to an end. Santiment says that the governance token of the Ethereum (ETH)-based staking network Lido DAO (LDO) is showing a divergence between the price and the number of active addresses as well as network growth. “It’s [Lido […]
The post Crypto Analytics Firm Warns Traders About Ethereum-Based Altcoin That’s Exploded Over 164% in Two Weeks appeared first on The Daily Hodl.
The broader crypto markets are starting the year on a high note, but top meme coin Dogecoin (DOGE) has yet to make a major move to the upside. One of the best performing large-cap altcoins to start the year is Lido DAO (LDO). The liquid staking protocol opened 2023 at $0.959 and has surged to […]
The post Dogecoin (DOGE) One of the Worst Performers Among Large-Cap Coins So Far This Year – Here Are the Top Gainers appeared first on The Daily Hodl.
A widely followed crypto strategist is predicting a surge for one AI-focused token while updating his forecast for Ethereum (ETH) and Lido DAO (LDO). Pseudonymous analyst Altcoin Sherpa tells his 187,800 Twitter followers that Fetch.ai (FET), a platform that aims to bring together artificial intelligence and blockchain, is showing strength based on its 200-day exponential […]
The post Crypto Analyst Predicts Breakout for AI-Focused Altcoin, Updates Outlook on Ethereum and Lido DAO appeared first on The Daily Hodl.
Lido protocol boasts $1 million in daily fee revenue for nearly a month, highlighting its growth in daily active users and Ethereum stakers.
The crypto market has witnessed a turbulent few weeks after the FTX collapse but Lido Finance, a liquid staking protocol, has been a bright spot amidst the chaos. According to Data from DeFiLlama, Lido protocol has earned $1 million or more in fees daily since October 26.
Lido fees and revenue over time. Lido has collected over $1M in fees every day since October 26th pic.twitter.com/GHkzSzYIOo
— DefiLlama.com (@DefiLlama) November 18, 2022
Let’s analyze the on-chain fundamentals to see why this trend has continued.
Lido’s growth started in May 2021, pre-FTX collapse. The fees reached an all-time high on Nov. 10 as fee revenue nearly topped $2.6 million. The protocol earns 10% of the total Ethereum (ETH) staking rewards generated from user deposits.
Data also shows a steady increase in deposits to Ethereum’s PoS consensus translates to an uptick in Lido’s fee capture.
Lido’s fee revenue moves in tandem with Ethereum Proof-of-stake (PoS) earnings since Lido sends received Ether to the staking protocol. After the FTX collapse, Ethereum activity has grown thanks to an uptick in decentralized exchange (DEX) activity. Ethereum fees and revenue also reached a 30-day peak on Nov. 8, posting $9.1 million in fees and $7.3 million in revenue.
Unique depositors into the Lido protocol have reached 150,000, demonstrating that Lido is continuing to attract new users. The increase in unique deposits comes after centralized “earn” programs have shown weaknesses due to exposure to their exposure to FTX, Genesis, BlockFi and others.
Daily active users and Lido (LDO) token holders are also increasing on Lido. According to data from Token Terminal, daily active users hit a 90-day high of 837 on Nov. 17 further bolstering the platform’s positive momentum.
Related: DeFi platforms see profits amid FTX collapse and CEX exodus
While fees, deposits and revenue continue to increase for Lido, the market cap of LDO tokens is not keeping pace.
As mentioned above, Lido hit a record amount of fees on Nov. 10, at the same time the market cap decreased from $1.2 billion to $663.7 million.
According to Coingecko, during this same period, the price of LDO tokens dropped from $1.80 to a low of $0.90.
Despite the market-wide downturn, Lido is showing strong fundamentals on multiple fronts. The steady uptick in DAUs, revenue and new unique participants are all key components for assessing growth and sustainability within a DeFi platform.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Top US crypto exchange Coinbase is rolling out trading services for yet another Ethereum (ETH)-based altcoin. The exchange’s customers can now buy and sell Lido DAO (LDO), a staking service for Ethereum and other blockchain projects, on the platform. LDO aims to allow users to stake ETH without locking assets or maintaining infrastructure. When staking […]
The post Top US Crypto Exchange Coinbase Rolls Out Trading Services for Under-the-Radar Ethereum-Based Altcoin appeared first on The Daily Hodl.
An Ethereum (ETH)-based altcoin is rallying following news that top US crypto exchange Coinbase has added the project to its listing roadmap. Lido DAO (LDO), a staking service for Ethereum and other blockchain projects, has seen more than a 16% price increase in the days following Coinbase’s announcement via Twitter. For transparency purposes, Coinbase adds […]
The post Ethereum-Based Altcoin Project Jumps After Crypto Exchange Coinbase Adds It to Listing Roadmap appeared first on The Daily Hodl.
The pseudonymous host of a popular blockchain YouTube channel is letting subscribers in on his crypto portfolio. With Ethereum (ETH) set to merge in the coming days, Coin Bureau host Guy is updating his crypto collection. “Although I’m hedged against the merge not going entirely to plan, I am nevertheless confident that, well, it will. […]
The post Coin Bureau Host Previews Updated Altcoin Portfolio As Ethereum Merge Approaches appeared first on The Daily Hodl.
In roughly three days Ethereum is expected to transition from a proof-of-work (PoW) blockchain network to a proof-of-stake (PoS) version via The Merge. Ahead of the transition, the liquid staking project Lido has seen a lot more activity as the value locked in the protocol increased by more than 13% this week. Moreover, the project’s […]
The host of the Coin Bureau YouTube channel is expressing bullish sentiment on two altcoins, starting with Cardano (ADA). The Coin Bureau host tells his 2.1 million YouTube subscribers that the seventh-largest crypto asset by market cap is likely to appreciate by about 20% from the current levels ahead of the Vasil upgrade. The Vasil […]
The post Rallies Coming for Cardano (ADA) and One Additional Altcoin, According to Coin Bureau appeared first on The Daily Hodl.
A widely followed crypto trader is expressing bearish sentiment toward one Ethereum-based altcoin while revealing his forecast for Bitcoin (BTC) and Cardano (ADA). The pseudonymous crypto analyst known as Altcoin Sherpa tells his 182,400 Twitter followers that the native token of Lido DAO (LDO), the decentralized autonomous organization (DAO) behind the Lido Ethereum staking protocol, […]
The post Crypto Trader Predicts Over 60% Crash for One Ethereum-Based Altcoin, Unveils Outlook for Bitcoin and Cardano appeared first on The Daily Hodl.
