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Lido DAO, one of the most important players in the Ethereum ecosystem, has reached $15 billion in total value locked (TVL). This achievement has excited investors during a period of crypto downturn. However, today’s focus is on the largest liquid staking platform, Lido DAO.
Lido DAO (LDO)
Lido DAO’s July data has revealed its plans to give voice to ETH holders on the protocol. Lido, one of the most popular liquid staking platforms, has seen 10,000 unique ETH depositors joining the protocol, pushing the total value locked to an unprecedented level since May 2022. Surpassing the $15 billion threshold once again signifies a significant gain.
According to Lido’s monthly report, the number of unique addresses depositing ETH has surpassed 166,000, marking a 6.66% increase compared to the previous month. Despite the increase in TVL, the drop in ETH price has reduced the total value locked to $14.81 billion.
Kasper Rasmussen, the marketing leader of Lido, stated in a Telegram message that the decline in liquidity in DeFi pools is largely due to the uncertainty surrounding Curve exploitation/situation, causing many liquidity providers to withdraw until further clarity is obtained.
Curve Finance’s recent hack, resulting in the loss of over $73 million, has increased fear among crypto organizations, including Lido. Since then, Curve has recovered approximately 73% of the stolen funds.
LDO Coin Analysis
At the time of writing, the LDO price stands at $1,826. It is crucial to maintain support at $1.79 in the short term. However, as BTC recently tested the $28,800 level, the LDO price also experienced volatility in this range. Compared to the beginning of 2023, LDO is currently up by 93%.
For the upward trend to continue, the altcoin needs to close above $1.87. If successful, it could reach $2.17 as the first critical target. The subsequent key targets are at $2.67 and $3.27. However, these upward targets are dependent on BTC’s performance.
On the downside, a close below $1.65 could indicate potential levels at $1.49 and $1.31.
