Lido Finance[1] is a leading DeFi protocol wherein users, for Lido Staked ETH (stETH) and a small percentage in yield, are allowed to deposit Ethereum.
In its Lido Weekly Digest[2], published on 15 July, the protocol updated its users on the developments related to Lido and the “surrounding liquid staking space” between 8 July and 15 July.
According to Lido Finance, on 15 July, its Total Value Locked (TVL) stood at $5.28 billion after registering a 1.5% decline in the 7-day period. On a 30-day window, the protocol’s TVL grew by 3%.
Amongst other updates, Lido Finance stated that with a 0.3% uptick recorded between 8 July and 15 July, the total amount of ETH staked with the protocol stood at 4,129,728 ETH.
With 13,094,997 ETH staked so far, Lido Finance held a 31.53% share in the market at the time of publication.
According to data from CoinMarketCap[3], the protocol’s native token, LDO, has seen a 159.57% uptick in price in the last seven days. So how else did this token perform?
LDO to the moon
With a 159.57% price rally in the last seven days, the LDO token ranked highest as a top gainer on 17 July. At $0.63 per token seven days ago, LDO embarked on an uptrend that caused it to exchange hands at $1.66 at press time.
In the period under review, the token’s market capitalization also grew from $195.73 million to $520.67 million.
Moreover, increased trading activity has been underway within the period under review as the trading volume was spotted with an 8% growth at the time of press.
With the price represented by green candles on a daily chart, the LDO token was severely overbought at the time of press. On an uptrend, the
