LDO, the original token of the leading Ethereum company [ETH] Staking platform Lido Finance ranked high on the list of the best performing crypto assets last week.
according to Cryptocurrency price tracking platform CoinMarketCap saw asset prices rise 14.96% behind KLAY (37.58%), TON (37.94%) and HT (25.98%).
LDO was rated as the best performer in the last 24 hours, and the price of LDO is up 11%. With more than $48.26 million traded in LDO during the same period, its trading volume is up 78% at press time, according to data from CoinMarketCap.
Lido Finance continues to grow
According to data from the blockchain analytics platform glass knotWith 4.31 million ETH deposited through Lido Finance, the staking platform continues to dominate 30% of the overall ETH market share.
Between October 17 and October 24, more than 34,000 ETH was bet on Lido. This increased the number of unique depositors on the platform.
According to the information received from sand dune analyticsLIDO had 92,822 unique depositors at the time of writing. according to outdoor bathIt expects “to see 100,000 unique depositors in the next 1-2 months.”
According to data from DefiLlama, the total locked value (TVL) of Lido is $6.89 billion at the time of writing. However, research and development surrounding the merger led to an immediate decline in Lido’s TVL. Between September 17 and September 26, Lido’s TVL fell 8.2%.
However, things have taken a different turn since the beginning of October. So far this month, Lido’s TVL share is up 14%.
Over the past 7 days, the value of TVL on Lido has increased by 3.25%. according to protocol“The main contributors to the growth of Lido TVL were an increase in the price of ETH (7d + 2.86%) and an increase in Ethereum deposits (7d + 0.80%).”
Aside from the growth in TVL, the price of stETH has remained “fairly stable” since the Ethereum merger. According to the information received from sand dune analyticsThe price of the liquid ETH derivative is at $0.99 at the time of writing. Since the merger, the price of the token has increased by 1%.
Finally, in terms of MEV rewards after the merger on the Liquid Stake platform, with an average daily reward of 204 ETH that Lido redeemed, the cumulative MEV rewards, excluding priority fees, exceeded 8,104 ETH.
This increased the effective rate of interest offered by the protocol. Last week, the effective interest rate rose from 5.7% to 6.2%, according to data from Dune Analytics.