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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Lido (LDO) Bulls Lock Horns For Rally This Week Ahead Of V2 Update

Mudiaga Iritare
Mudiaga Iritare
1 year ago
3 mins read
BRC-20

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May 15th marks a new dawn for the Ethereum liquid staking protocol, Lido Finance, as it seeks to launch the highly anticipated V2 update on its platform.

According to Lido contributors, the V2 update is its biggest platform update yet and a step in the right direction toward further decentralization in the blockchain industry.

The update aims to enhance the user staking experience on  Lido Finance protocol by introducing two new features which achieve this purpose.

Related Reading: PEPE Outperforms Bitcoin In Social Media Buzz, Triggers Bullish Run For Frog Coin

LDO, the official native token of the Lido finance protocol and liquid staking platform, is seen to soar in price in today’s trading session as bulls gear up in response to the incoming update.

What Is The Lido Finance Protocol V2 Update

Earlier in February 2023, an official Lido Finance announcement release introduced a V2 update proposal that brings unique enhancement features to its Ethereum liquid staking platform.

Today Lido contributors are proud to present Lido V2 – Lido’s largest upgrade to date and an important step towards further decentralization. https://t.co/SDxlxCgMNq pic.twitter.com/KJewhEp8rV

— Lido (@LidoFinance) February 7, 2023

Fast forward to May, the team scheduled a final on-chain voting process for its V2 update proposal to take place from the 12th-15th following the success of the Ethereum Shapella upgrade in April.

According to a tweet from Lido’s official handle, if the vote on the proposal passes and is successful, the V2 update will go live on May 15th, which is today, and support direct in-protocol stETH: ETH withdrawals and staking router architecture.

So far, the V2 update proposal has been approved as it got the required approval and support rating needed for the update.

👀 https://t.co/GMrXGuLIdT pic.twitter.com/4wfk6zgJbM

— Lido (@LidoFinance) May 15, 2023

The V2 update on the biggest liquid staking platform brings two new core platform features, including a Staking Router and a Withdrawal feature.

The Staking Router feature on the V2 update promotes a diverse and decentralized ecosystem of validators by allowing the admission of new node operators. Using a new modular architectural design and framework, the V2 Staking Router enables anyone to develop on-ramps for node operators ranging from Distributed Validator Technology (DVT), solo stakers, and Distributed Autonomous Organizations (DAOs).

The second feature on the update, withdrawals, will be a game changer for Lido Finance as it enables stakers on the platform who hold stETH to have access to withdrawals at a 1:1 ratio.

LDO Daily Chart Analysis

Data reports from Coinmarketcap see the native token of the biggest liquid staking platform, LDO, trading at $2.12, a 9.58% increase in the last 24 hours. LDO market capitalization has also increased by 9.43% at the time of writing. LDO opened with a bullish candle on the daily timeframe and is among the top three gainers in the cryptocurrency markets today.

Related Reading: Dogecoin Sees Highest Transactions Count Ever Due DRC20 Madness

LDO trades at the strong resistance area at $2.12, with bulls looking to break that level for more upside movements. However, if bulls fail to break that critical area, the asset could experience a retracement in price and trade lower.

This resistance line and 50 EMA at $2.13 are major hurdles the asset must break to experience a rally.

 

Lido

Lido (LDO) bulls take charge on the daily timeframe but faces key resistance level | Source: LDOUSD on TradingView.com

 

Featured image from Istock, chart from TradingView.com
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Mudiaga Iritare
Mudiaga Iritare

Mudiaga Iritare

Mudiaga is a news writer and crypto analyst at NewsBTC bringing forward factual/engaging news and happenings around the world of blockchain and cryptocurrencies.

Read more

Mudiaga holds a bachelor degree in Environmental Sciences and has been involved in a number of environmental protection quests. He is passionate about writing and has produced hundreds of articles as a freelancer for blockchain/crypto projects prior to joining NewsBTC as a news writer.

Mudiaga loves and plays decent chess at leisure and sees himself beating grandmasters when an opportunity presents. His other interests include technical and fundamental analysis study, football and swimming.

You can find Mudiaga on Twitter with the username @Mudy6x

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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