This Ethereum DeFi Token Soared 30% On Binance’s Listing Plans

Varinder Singh
May 9, 2022
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Lido DAO Votes To Appoint Entity to Respond In Pending Class Action Litigation

Ethereum staking token Lido DAO (LDO) jumped nearly 30% in an hour after Binance said it will list the token on Monday.

LDO will be available to trade in LDO/BTC, LDO/BUSD, and LDO/USDT pairs starting at 11:00 UTC. This will be the first-ever listing of the LDO token by any centralized crypto exchange.

Lido, an Ethereum-based DeFi platform, has among largest market share in ETH staking and is the 2nd largest decentralized finance (DeFi) protocol by total value locked (TVL), as per DeFi Llama.

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Lido DAO (LDO) Jumps 25% On Binance Listing

Lido provides staking across the Ethereum, Terra, Solana, Kusama, and Polygon. LDO token price has jumped more than 35% in the last 24 hours, with Binance announcing the listing of the token contributing majorly to the rally.

Lido DAO (LDO) deposit channel is now open. However, traders have to wait for 24 hours for withdrawal as per the exchange’s policy. The Lido DAO (LDO) listing fee is 0 BNB.

Lido has become the most favored liquid staking platform for Ethereum amid the rising interest in Ethereum 2.0. However, the LDO price had plunged significantly after developers delayed the Ethereum merge to the third quarter.

Moreover, the ETH rewards on Lido have decreased over time as it continues to add other assets. It has increased concerns among Lido users.

However, the approach toward more decentralization and listing on Binance will be beneficial for Lido.

According to CoinMarketCap, the trading volume has jumped more than 100%, pushing the LDO price to a high of $3.51 in the last 24 hours. Currently, the price is trading at $3.39.

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Lido Sees Demand Amid Staking Interest

The demand for Lido seems to be rising as staking interest picks up pace. Recently, Lido became the top DeFi protocol briefly as the total-value-locked (TVL) jumped over $20 billion. Currently, Lido ranks second, with the TVL being $15.70 billion. Ethereum staked on Lido is $10.15 billion.

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.