Having survived a week dominated by the bears, the price of Lido DAO (LDO) is on the rise today, tallying a 16% increase in the past 24 hours. This price recovery has left many wondering if the bearish trend is over and whether the bulls might be onto something here.
That said, Lido Finance continues to assert its dominance in the liquid staking market, recording a substantial increase in its total value locked (TVL) in ETH LSDs in the past week.
Lido DAO Token Price Overview
The past week saw the bears take the cryptocurrency market by storm; this has pretty much been the case since the start of May. We watched on as the latest crypto sensation, PEPE, shed a massive chunk of its recently-accrued value in the last seven days.
The story hasn’t been any much different for the LDO token. In the past week, this cryptocurrency lost 1.2% of its value. It is worth noting that this figure has only just dropped – thanks to the upward price movement of the token in the last 24 hours.
Nevertheless, a broader look at Lido’s market performance in the past month still shows a steady price decline. This current downturn in price started as far back as April 18, with the token’s value dipping by more than 20% within this period.
That said, the token appears to be on some sort of recovery. According to CoinGecko data, a Lido DAO token currently trades at $1.88, tallying an impressive 16.1% increase in the past 24 hours. Meanwhile, there has been a corresponding 63.8% jump in the token’s daily trading volume.
Lido DAO trading at $1.894 | Source: LDOUSD chart from TradingView
Lido Finance Maintains Dominance In ETH Liquid Staking
Data from DeFiLlama reveals that Lido Finance gained an impressive 4.73% increase in TVL in the past week. In the same time, Coinbase Wrapped Staked Ether, the second-largest LSD protocol, lost 0.91% of its TVL.
A broader look at the metrics shows that Lido’s TVL jumped by more than 11% in the past month. Within the same period, the TVLs of Rocket Pool and Frax Ether rose by a staggering 35.23% and 42.52%, respectively.
Indeed, LSD protocols, such as Rocket Pool and Frax Ether, are beginning to gain tremendous market share in the liquid staking industry. However, Lido Finance continues to dominate the market, holding 74.35% of TVL in ETH liquid staking derivatives (LSDs). This accounts for 6.6 million ETH of the total locked ether.
Overall, the liquid staking market continues to expand – as expected, following the Ethereum “Shapella” upgrade. As of this writing, a total of 8,886,107 ETH is locked in LSDs, with over 450,000 ether tokens added in the last two weeks.
-Featured image from Salomon Magaza, chart from TradingView