- Blue-chip DeFi altcoins have recorded significant gains as Ethereum’s consolidation event is fast approaching. One of these altcoins surpassed the others.
Lido Finance (LDO), Compound (COMP) and Synthetix (SNX) DeFi altcoins like DeFi have recorded significant gains in the past 24 hours, according to data from CoinMarketCap.
Koinfinans.com as we reported Lido Finance’s native token in CoinMarketCap data LDOEarlier this morning, it gained nearly 20 percent and represented the largest gain among the top 100 cryptocurrencies by market cap.
The liquid staking platform allows users to EthereumIt allows them to stake and earn a small return on their holdings. And unlike staking directly on Ethereum’s Beacon Chain, Lido stakers receive stETH in return, which can continue to be used in the market.
LDO is changing hands at about $1.90 and currently has a market cap of about $1.1 billion. However, LDO price is still a long way off from its all-time high of $18.62.
Compound (COMP) and Synthetix (SNX)
lending platform compoundnative token supporting COMP It has also gained about 10 percent in the last 24 hours. The DeFi token has a market cap of around $357 million, but has dropped 94.52 percent from its all-time high of $911.20, according to data from CoinMarketCap.
Synthetix‘s native token SNX increased by 13.94 percent in the last 24 hours.
SNX, the 57th largest cryptocurrency, has a market cap of $762 million and is trading at $3.24, down 88.59 percent from the all-time high of $28.77 recorded in February 2021, according to data from CoinMarketCap.
According to Coinglass, around $42.67 million worth of short-term transactions were liquidated in the cryptocurrency market in the recent altcoin rise.
DeFi tokens rise as Ethereum Merge approaches
The main reason behind today’s bullish price action is likely to be the upcoming Ethereum consolidation and increased DeFi activity.
According to data from Dune Analytics, approximately 13,458 million Ethereums were staked in Ethereum prior to the network upgrade.
Total value locked (TVL) across all blockchains has increased by 3.51 percent over the past 24 hours, according to data from DefiLlama.
Lido’s TVL also increased by 8.74 percent over the same period, placing it in the top 10 DeFi apps on Ethereum on TVL side, according to data from DefiLlama.
Ethereum, the network that powers over 50% of all DeFi activity, has surged nearly 10% over the past 24 hours in hopes of seeing a spike in price post the upcoming consensus transition.
According to data from CoinMarketCap, ETH is trading at $1,591 per coin, reversing its weekly losses with a 30 percent increase in daily trading volumes.
You can follow the current price action 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.