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After surviving a bear-dominated week, the price of Lido DAO (LDO) is rising today, up 16% in the last 24 hours. This price retracement has left many wondering if the bearish trend is over and if the bulls can figure anything out.
However, Lido Finance continues to claim its dominance in the liquid staking market, recording a significant increase in its total value locked (TVL) in ETH LSD last week.
Lido DAO Token Price Review
Bears have taken the cryptocurrency market by storm last week; this has pretty much been the case since early May. We have watched the latest cryptocurrency sensation, PEPE, lose a huge chunk of its newly accumulated value over the past seven days.
The story with the LDO token is not much different. Over the past week, this cryptocurrency has lost 1.2% of its value. It is worth noting that this indicator has just decreased due to the upward movement of the price of the token over the past 24 hours.
However, a broader look at Lido’s market performance over the past month still shows a steady decline in prices. The current price drop began as early as April 18, when the value of the token fell by more than 20% over this period.
However, the token appears to be in the process of being recovered. According to data from CoinGecko, the Lido DAO token is currently trading at $1.88, showing an impressive 16.1% gain over the past 24 hours. Meanwhile, the daily trading volume of the token increased by 63.8%.
Lido DAO is trading at $1,894 | Source: LDOUSD Chart by TradingView.
Lido Finance maintains dominance in liquid ETH staking
Data from DeFiLlama shows that Lido Finance achieved an impressive 4.73% increase in TVL last week. At the same time, Coinbase Wrapped Staked Ether, the second largest LSD protocol, lost 0.91% of its TVL.
A broader look at the figures shows that TVL Lido has jumped more than 11% over the past month. During the same period, TVL Rocket Pool and Frax Ether rose by a staggering 35.23% and 42.52% respectively.
Source: Defillama
Indeed, LSD protocols such as Rocket Pool and Frax Ether are starting to gain huge market share in the liquid betting industry. However, Lido Finance continues to dominate the market, holding 74.35% of TVL in ETH Liquid Derivatives (LSD). This is 6.6 million ETH of the total blocked Ether.
Overall, the liquid staking market continues to expand – as expected after the Ethereum “Shapella” upgrade. At the time of this writing, there are 8,886,107 ETH locked in LSD, and over 450,000 Ether tokens have been added in the last two weeks.
