The long-awaited Ethereum consolidation could help ETH reach new places on the price chart. But not only, ETH has another passenger – Lido DAO, which could be a star in the near future. Still one of the strongest assets in the market after rallying 280%+ in recent weeks.
Ride or die
LDO price has benefited significantly due to its association with Ethereum, the leading smart contract platform by Closed Total Value (TVL). The main reason is – the platform holds a huge number of stETH tokens.
Here, the total number of Ether bets in a smart merger contract across Lido has increased from 3.5 million on June 13 to 4.18 million at press time. Hence, direct link.
At press time, LDO is up more than 17% over the past day, rising above the $2.6 mark. Overall, LDO has amassed a staggering 580% increase in value from its last low.
This may be the result of a series of momentum shifts for the aforementioned symbol. For example, whales, the dominant buyers took advantage of the reduced price.
According to IntotheBlock Insights, whales have nearly doubled their holdings over the past year as shown in the chart below.
Even Ethereum LDO whales are fictional. Once again, it became most used Smart Contract among Top 500 Companies ETH whales in the last 24 hours from the time of publication.
In addition, the amazing price increase has also helped the total value of the project closed (TVL) growth. Only in two weeks, TVL for the project I slept From $6 billion to $7.09 billion at the time of writing.
with good relations
Lido Finance has had a difficult journey to reach the current crossover – from concerns about diminishing liquidity for its staking derivative, to the original Lido token that surged to a weekly high.
The project also launched the Ether (stETH) support offering across the Ethereum Layer 2 (L2) network ecosystem, Optimism, and Arbitrum.
This would support Ether staking via bridging to L2s using Lido’s ETH staking token, dubbed wstETH.
But there are still concerns about this ETH-dependent relationship because reality may not match expectations when the merger occurs.