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In a remarkable milestone for the Decentralized Finance (DeFi) ecosystem, Lido DAO’s TVL recently broke the 20-month milestone, soaring past $20 billion for the first time since April 2022.
The achievement highlighted in Lido’s November 2023 report reflects rising interest in and involvement in Lido’s staking platform, indicating possible bullish tendencies for the native token, LDO.
Achievements Scored Beyond Lido DAO’s TVL
The surge in Lido DAO’s TVL is not the only highlight in the recent announcement. The protocol proudly reported the surge in first-time ETH stakers, surpassing 200,000 individuals.
Furthermore, the protocol’s staking assets, including stETH and wstETH, experienced a substantial surge of 10.34%, reaching 3.52 million stETH. This growth in staking assets reflects the robustness of Lido’s ecosystem and its ability to attract and retain users.
Lido DAO’s success extends beyond metrics and numbers. The protocol has demonstrated its commitment to community governance through successful Snapshot votes. Proposals related to wstETH bridge components, GOOSE goals, and the Simple DVT staking module received approval, showcasing the active and engaged Lido community’s influence on the protocol’s development.
Lido DAO also made strides in terms of market integration and listing. Hashkey Exchange listed LDO, providing further liquidity and accessibility for users. Additionally, wstETH found its place in Aave V3 on Base, expanding its reach within the broader DeFi ecosystem.
However, not all aspects of Lido’s journey have been without challenges. A recent governance vote to sunset the Lido on Solana protocol led to increased withdrawal requests for staked SOL.
LDO Token and Price Speculations
LDO has become an integral part of the protocol’s ecosystem. As the TVL milestone is achieved, attention naturally turns to the potential impact on the LDO token’s value. Historically, major achievements and milestones have been known to influence the price of associated tokens positively, and LDO may not be an exception.
Exciting developments in the Lido ecosystem further fuel the anticipation of LDO soaring. Lido highlighted in the report that Governance will take center stage with multiple Snapshot votes scheduled for later in the month. Furthermore, the launch of wstETH on zkSync, Mantle, and Linea promises to enhance accessibility and scalability for users.
As of the time of writing, LDO is trading at $2.29, up 1.27% in the past 24 hours with market capitalization pegged at over $2 billion.
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