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Lido DAO Records Biggest Network Transaction In 2 Years
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Lido DAO Records Biggest Network Transaction In 2 Years – Santiment

Semilore Faleti
Semilore Faleti
2 years ago
3 mins read
lido

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DeFi staking protocol Lido DAO (LDO) has just experienced its largest network transaction in two years, according to a report by Santiment.

The popular on-chain analytics firm states that on May 5, $135 million worth of LDO tokens were transferred from one self-custody wallet to another.  

According to Santiment, 70 million LDO tokens were moved in this transaction, marking the network’s biggest coin transfer since June 2021 and its eighth-largest transfer of all time.

Lido

Source: Santiment 

Lido DAO is the most prominent liquid staking platform allowing users to effortlessly participate in staking on several PoS networks, including Ethereum (ETH), Polygon (MATIC), Polkadot (DOT), Solana (SOL), and Kusama (KSM).

That said, the LDO whale transaction that occurred earlier today may have drawn much attention to the network; however, this is yet to elicit any positive price effect on the token.

According to data by Coingecko, LDO is currently trading at $1.85, recording a 0.34% decline in the last 24 hours – and an 11.7% cumulative loss in the past week. Additionally, the token’s daily trading volume is down by 47.26% to a value of $31.95 million. 

However, this current bearish form does not taint what has been a remarkable year for the Lido protocol.

Lido

LDO trading at $1.863 | Source: LDOUSD Chart on Tradingview.com 

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2 years ago

Lido’s Impressive Year So Far

Following the Merge of the Ethereum network last year, liquid staking protocols such as Lido became a focal point of investors’ interest. Moreover, this traction was further fueled by the anticipation of the Shanghai/Capella upgrade, which just occurred last month.

Riding on the massive hype surrounding its network, Lido DAO recorded staggering gains in its Total Value Locked(TVL), displacing the MakerDAO – creator of the DAI stablecoin and first-ever successful DeFi project – as the biggest DeFi protocol in the crypto space. 

Data from Defillama shows that the amount of staked ETH on Lido rose from 4.84 million ETH on January 2 2022, to its current figure of 6.33 million ETH, representing a total value of $12.15 billion. 

In fact, total investment in Lido from all of its five supported blockchains has grown by over 108% since the beginning of the year, allowing the liquid-staking platform to gain a 28% market dominance in the DeFi space.

That said, considering the latest partnership moves by its developer team, Lido could be set for more gains in the future.

Related Reading

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OKX Wallet Integrates With Lido

Earlier today, OKX announced the integration of Lido with its OKX wallet web extension allowing users to directly assess Lido’s staking service by visiting the platform’s official website via the “Discover” module on the wallet.

This integration represents good news for Lido DAO with the prospect of many new users as OKX ranks as the second biggest crypto exchange with over 50 million customers worldwide. In addition to Lido, the OKX wallet offers access to 100+ DeFi protocols, including Aave, Curve, Sushiswap etc.

That said, similar integrations with established centralized exchanges in the future could well result in Lido increasing its dominance in the DeFi space. 

-Featured Image: The Market Periodical, chart from Tradingview
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Semilore Faleti
Semilore Faleti

Semilore Faleti

Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

Read more

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

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