Lido in muddy waters? New data around LDO suggests....
According to DeFiLlama, Lido’s TVL managed to grow from 8.069 billion to 10.09 billion on the charts. However, the hike in TVL wasn’t only contributed to by staked deposits. In fact, the appreciating price of ETH also had a role to play in the TVL’s spike.Even though Lido’s TVL continued to rise, Lido’s dominance in the liquid staking derivates sector fell. At press time, 31.4% of all ETH was staked through Lido.
Due to the volatility caused by the USDC saga, the overall reserves of the Lido protocol also fell. Lido’s reserves on lending protocols such as Curve and MakerDAO fell by anOver this time period, Lido Finance recorded a decline in its total earnings. Specifically, in the last 24 hours, the protocol’s earnings dropped by 11%. A factor contributing to the decline in revenue could be the fall in daily active users on the network, with the same depreciating by 10% over the past week.
This suggests that the price of LDO hiked, despite the token experiencing low activity and a lack of interest from new users.This decline in activity could be seen as an opportunity for bears to bet against LDO and take short positions against the token. It remains to be seen how the future plays out for LDO.Subscribe to get it daily in your inbox.
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