Value Locked in Lido Rises Prior to Ethereum’s Merge, LDO Token Jumps 23% Higher in 7 Days
In eight days Ethereum is planning to undergo one of the most intensive upgrades since the DAO hard fork in 2016, as The Merge aims to change the network’s consensus mechanism from proof-of-work to proof-of-stake . Amid the lead-up to The Merge, the decentralized finance and liquid staking protocol Lido’s total value locked jumped 6.34% this week and the project’s native token increased by more than 23% against the U.S. dollar during the past seven days.
STETH has a market valuation of around $6.57 billion on September 5, 2022. During the last day, STETH has seen $4.18 million in global trading volume. Lido Finance has seen some demand ahead of The Merge and the total value locked increased by 6.34% during the last seven days.from defillama.com and lido.fi both show that Lido’s TVL today is $6.95 billion. $6.78 billion of the $6.95 billion is staked ethereum, according to Lido’s website.
The defi project’s native token lido dao jumped 23.4% against the U.S. dollar during the past week. LDO is ranked #48 out of more than 12,000 crypto assets and the token has recorded $56,716,794 in 24-hour global trade volume. There’s a circulating supply of 604,677,030 LDO today and the price has ranged from $1.93 to $2.07 per unit.
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