Lido could become a more dominant ETH pool, thanks to Metamask

  • Metamask just announced a feature that allows users to bet on Lido with their wallet.
  • Lido is still the largest storage pool on Ethereum.

Regarding the Ethereum Proof-of-Stake Network, Lido has been a prominent “stakeholder” for stakeholders. Several sources indicate that the highest concentration of Ethereum storage pools is in the Lido. Lido may gain more ground with a recent announcement from Metamask. Can we see an uptrend LDO as an effect?

Meta mask to unlock the Lido pool

On January 13, Metamask scored a major Message Which can greatly affect how users access Ethereum staking pools. ConsenSys has announced a new interface with Ethereum liquid equity providers Lido and Rocket Pool, allowing MetaMask users to take advantage of these services.

With the launch of Metamask Staking, users can share Ethereum (ETH) via Lido, monitor their stETH balances and convert stETH back to ETH via MetaMask Swaps.

Read Lido DAO [LDO] Price forecast 2023-24

Lido still dominates the ETH stake pool

Data from Dune Analytics showed that Lido was at the forefront of the Ethereum stock ownership group. Lido had 29.06% of the market share at the time of writing.

Lido’s market share may be about to increase exponentially due to the recent move from Metamask. Additionally, there have been more validators overall on the Ethereum network.

Since switching to a PoS network, the number has reached an all-time high of more than 500,000, according to Beacon survey statistics. How did the LDO react to this development?

Source: Dune Analytics

LDO sees a positive reaction

The asset ended the day in the green, according to the Lido (LDO) daily time frame chart checked. In addition, it is up 5% at the time of writing, bringing the gains over the past 48 hours to nearly 8%. In addition to trading above the short and long moving averages (yellow and blue lines), the LDO was trading at around $2.

All signs are that LDO is now in an uptrend. There was a strong bullish trend evident as the RSI (Relative Strength Index) line was seen above 80. The RSI also indicated that there is a chance for a price correction soon. The directional movement indicator, whose DI was plus and the signal lines were above 20, supported the RSI interpretation.

Lido Price (LDO)

Source: TradingView

The number of users and weekly users is increasing

LDO volume measurement also indicated that LDO has been gaining momentum recently. The volume was over 230 million at the time of writing and still growing. Compared to the last three months of the previous year, the volume number was higher at this time. A trend towards a higher volume was also seen.

Lido Price (LDO)

Source: feeling

The percentage of weekly active users was another area where LDO made up impressive numbers. There has been a significant increase in users’ weekly reports of the scale. The average increase in new users per week was also another notable development.

Lido Users (LDO)

Source: Dune Analytics

Is your wallet green? Check out the Lido Profit Calculator

Lido and LDO investors could see a real increase in users and value due to Metamask’s latest move. The LDO token is getting more and more popular as more people can easily access the stake, which increases its value.

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