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In a move aimed at expanding liquidity and use cases, Lido (LDO) announced on January 17 that it had begun staking Ethereum (ETH) on the L2 platform zkSync. This strategic move not only signifies Lido’s commitment to the development of the Ethereum staking environment but also aims to address concerns about the platform’s dominance. So, what levels did the price reach after the move?
Lido’s Dominance in the Ethereum Staking Space
An analysis of Dune Analytics data reveals a significant increase in the total amount of staked Ethereum, reaching approximately 29 million. Despite the recent Shanghai update that allows ETH withdrawals, the total staked amount has continued to grow, now constituting more than 24% of the total supply.
The altcoin Lido emerges as a dominant player, holding more than 32% of the staked ETH, leaving competitors behind with an impressive figure of over 9 million ETH.
Challenges Amidst Growth: New Ethereum Investments Decline
Although Lido’s dominance in the staking arena is clear, a recent examination of new Ethereum deposits has shown a noticeable decline in volumes.
Despite the increase in deposit transactions observed in the past, the current trend reflects a decrease in new ETH deposits, with the figure showing approximately 62,000 ETH at the time of writing.
Price Trends Reflect Fluctuations
The cryptocurrency Lido’s price rose from around $2 on December 20 to $4.02 on January 11, followed by a decline. The current price of the altcoin Lido is around $3.02, a drop of about 5%. Despite remaining in the bull zone, continuous declines could potentially lead to an exit from this area.
While expanding its staked ETH to zkSync, the cryptocurrency Lido positions itself for more liquidity and utility. However, the challenges posed by decreasing new deposits and fluctuating price trends underline the need for caution in a dynamic market environment.
Although the dominance of the altcoin Lido is noteworthy, strategic adaptability is required to address concerns and maintain its position in the evolving Ethereum staking landscape. Investors and crypto enthusiasts will closely watch how Lido overcomes these challenges and shapes its trajectory in the coming weeks.
