Onboarding multiple chains onto its staking solution might be among the best moves Lido Finance Could have made.
The multi-chain staking site houses several chains, including Terra Classic, Solana, and Ethereum. Nevertheless, LDO’s latest staking activity might not be a development to entice participants.
Meanwhile, Dune Analytics highlighted that LDO’s mission to maintain simple staking appears on-off activity. That’s because LDO protocol has seen slow ETH staking lately.
Evaluating the stETH (staked Ethereum) pool revealed that the CurvestETH/ETH sector was the most active regardless of some drawdowns.
Can’t Curve Markets?
Dune report revealed a 2.14% surge in CurvestETH/ETH reserves within the past week. Furthermore, the Ethereum stake stood at 13.39 million, reflecting a 0.33% surge over the past week. Lido’s August incentives remained positive, hitting 2.5M LDO, worth about $6.12 million.
The Curve stETH/ETH pair accounted for most of this figure, meaning it gained most of LDO’s incentives. While writing this content, the incentives efficiency hovered at 7.32%, with 581,738 stETH in allocation.
Meanwhile, stETH/ETH exchange rate plummeted to 0/9693. The pair noted outflows from LDO’s liquidity pool. Despite that, Curve stETH/ETH trading volume hiked and triggered an upsurge in LDO TVL (total value locked) rankings.
What of TVL?
Total value locked rankings have substantially shifted within the past 24 hours, with LDO among the beneficiaries. DeFiLlama showed LDO ranked second in TVL, behind MakerDAO. While publishing this post, LDO’s TVL noted a 9.30% uptick within the past day to $7 billion.
Considering the uptick, could LDO be planning similar TVL surges as happened nearly a month ago? Perhaps, LDO price’s antics might ensure such feasibility. While writing these lines, LDO was among the top-performing assets within the last 24 hours.
LDO maintained uptrends within the past day, gaining over 16% to $1.88. also, its volume increased by more than 100% to 158.84 million. Moreover, LDO near-term investors might hope for extended bullishness as the TVL opens up for further upswings.
Nevertheless, investors should consider broad market cues. Bears controlled price actions at the moment, dragging digital tokens lower. However, time will reveal upcoming market trends.