The little-known native cryptocurrency of a decentralized autonomous organization (DAO) has doubled in value this week despite the deep depression in the crypto market.
Native token of Lido DAO LDO tokenrallied to $1.40 from a seven-day low of $0.58, gaining 141.37% in just one week.
The 77th crypto asset by market capitalization LDO tokenAlthough it has experienced a slight decline during the week, it continues its positive price action and is changing hands at $1.39 at the time of writing, up more than 14 percent from the previous day.
Lido DAO is a platform designed to create liquidity staking services for different blockchains. It allows participants to earn staking rewards without having to lock any assets or maintain any staking infrastructure. LDO can be used for collateral, lending, staking, and yield-farming.
According to the project’s Twitter page, Lido’s staked Ethereum (ETH) Its share stands at around one-third of the total staked ETH.
The project also claims its locked-in total value (TVL) is around $5.28 billion. The TVL of a decentralized finance (DeFi) protocol represents the total capital held in its smart contracts. TVL is calculated by multiplying the amount of collateral locked into the network by the current value of the assets.
Lido’s TVL has increased 3 percent in the last 30 days. By comparison, total TVL across DeFi fell by about 3 percent over the same time frame.
Alongside these, crypto analytics firm IntoTheBlock also noted growing retail interest in Lido.
“Retail interest in Lido Finance is growing. LDO’s retail holdings hit an all-time high with a 70% price increase last week.”
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.