Liquid staking tokens surge 40% in seven days, Lido rises highest
A strong trading narrative is around liquid staking tokens because of the possibility of staked Ethereum unlock in March.
Liquid staking derivatives tokens have increased by an average of over 40% in the last seven days, with Lido (LDO) rising the highest by over 64%, according to CryptoSlate’s data.
Liquid staking platforms have enjoyed renewed interest following recent revelations that staked Ethereum could be unlocked as early as March when the network undergoes the Shanghai upgrade.
According to several crypto analysts, the news has birthed a strong trading narrative around the assets of these platforms.
Crypto data aggregator DeFillama pointed out that the growing popularity of the space has reduced the gap between the total value of assets locked (TVL) on the platforms against DeFi lending protocols.
Lido leads staking peers
According to CryptoSlate’s data, Lido was the best-performing staking derivatives token in the past week. The digital asset rose by 17.57% in the last 24 hours to $1.87 as of press time.
Over the past two weeks, the asset’s value has more than doubled, touching a peak above $2 during the early trading hours of Jan. 9. During this period, the staking platform also became the largest DeFi protocol based on the total value of assets locked.
Meanwhile, other staking protocols like Frax Share (FXS), Rocket Pool (RPL), StakeWise (SWISE), and ANKR also recorded double-digit gains in the last 24 hours. Overall, the sector’s market cap grew by over 10% to $7.04 billion over the reporting period.
In the last seven days, DeFillama data shows that the top 10 liquid staking protocols, except ANKR, saw their TVL rise by an average of 15%.
At the time of press, Lido DAO is ranked #31 by market cap and the LDO price is up 15.32% over the past 24 hours. LDO has a market capitalization of $1.55 billion with a 24-hour trading volume of $302.81 million. Learn more ›
Lido DAO9 Jan at 3:50 pm UTC
At the time of press, the global cryptocurrency market is valued at at $855.34 billion with a 24-hour volume of $41.91 billion. Bitcoin dominance is currently at 38.93%. Learn more ›