The world’s largest crypto exchange Binance is expanding its portfolio with the addition of a decentralized betting platform to its crypto asset list.
Binance, in a newly released announcement, is the management token of Lido Finance, which offers staking solutions on several popular blockchains. Lido DAO (LDO) announced the listing.
#Binance will list @LidoFinance $LDO!
— Binance (@binance) May 9, 2022
Lido’s decentralized autonomous organization (DAO) grants Ethereum (ETH) token holders voting rights over project parameters, upgrades, and staking protocols.
Announcing its intention to invest billions of dollars in the digital asset space in January, Silicon Valley-based investment firm Andreessen Horowitz (a16z) announced its support for Lido in March.
According to the company’s a16z post on why they invested in Lido, Lido not only makes minimum deposit amounts accessible to daily crypto traders, but also democratizes the proof-of-stake (PoS) process by offering an alternative to credibility on centralized exchanges:
“This is why we are excited to invest in Lido, an efficient, decentralized staking platform. It now offers one of the simplest ways to stake ETH and other PoS assets while targeting decentralization through the governance of the DAO.
Lido [ayrıca] in DeFi [merkezi olmayan finans] It also focuses on resolving the competitive incentives between staking and seeking returns. Lido issuing an Ethereum-specific liquid token, allowing you to use staked ETH as collateral within DeFi in the same way you can currently use ETH.”
Lido users, terra (LUNA), wither (LEFT), polygon (MATIC) and vomiting It can stake its tokens on various popular networks, including (KSM).
Lido DAO has experienced a bumpy price action throughout the past day. After the Binance news, the altcoin rose 50 percent from $2.25 to $3.40 first, and then vertically returned to its original value as the overall crypto markets turned red.
Today, reaching a one-day high of $3.46, LDO first dropped to $2.53, completely surrendered to the downtrend and dropped to $1.85, experiencing a price collapse of about 30 percent.
Binance said that LDO can be used in Bitcoin (BTC), Binance USD (BUSD) and Tether (USDT) trading pairs.
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.