This Ethereum DeFi Token Soared 30% On Binance’s Listing Plans
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.
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.
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.
- Veteran Trader Peter Brandt Says “MSTR Could Go Underwater” If Bitcoin Repeats 1977 Soybean Crash
- BSC Meme Season Ends as PumpFun Surpasses Four Meme Amid $8M Inflows
- ProShares Files for Index Crypto ETF Tracking Bitcoin, Ethereum, XRP, and Solana
- Trump Says Meeting with China May Not Happen, Bitcoin Drops
- The Great Rotation? Bitcoin Rises as Gold Sees Largest Daily Drop Since 2013
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
- Pi Network Price Wedge Signals a Rebound as Key Upgrades Raise Utility Hopes
- Solana Price Eyes $240 Recovery as Gemini Launches SOL-Reward Credit Card
- XRP Price Prediction Amid Evernorth’s $1B XRP Treasury Plan – Can XRP Hit $5?
- Ethereum Price Targets $8K Amid John Bollinger’s ‘W’ Bottom Signal and VanEck Staked ETF Filing
- Pi Coin Price Eyes 50% Upswing As AI-Powered App Studio Update Ignites Optimism
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.
