Nearly 90% Of Holders See Profits On Crypto Climb

The past week has been a triumphant one for Lido DAO, with its LDO token surging an impressive 22%, leaving a sluggish broader crypto market in its dust. This notable feat mirrors the 18% ascent of Ethereum, its underlying blockchain, showcasing a deep synergy between the leading liquid staking platform and its technological foundation.

But the good news doesn’t stop there. A staggering 87% of Lido DAO token holders are reaping the rewards of their investment, according to data from IntoTheBlock. This solid figure underscores the strong performance of LDO, attributed largely to its stellar weekly performance, as the crypto trading analytics platform noted.

Lido Holders Get Good Returns From Their Investment

Following a strong price move by $LDO this week, ~87% of LDO addresses are now in profit. pic.twitter.com/3rLodKvK21

— IntoTheBlock (@intotheblock) January 10, 2024

Furthermore, Lido’s Total Value Locked (TVL), a crucial metric reflecting the amount of cryptocurrency deposited in its protocol, has also ballooned a remarkable 19% in tandem with the price hike.

Analysts attribute LDO’s ascent to a potent cocktail of factors. First and foremost, its symbiotic relationship with Ethereum. As the leading smart contract platform enjoys renewed momentum, projects built on its infrastructure – like Lido – relish the rising tide that lifts all boats.

Furthermore, Lido’s recent bounce back from a critical support level at $2.80 appears to have ignited a bullish fervor. Technical indicators whisper of a potential retest of the $3.60 resistance barrier, suggesting further upward potential.

Lido TVL. Source: Defillama

Adding fuel to the fire is the skyrocketing demand for Ethereum staking. Lido’s user-friendly model allows investors to earn rewards on their ETH without locking them up for extended periods, a flexibility that resonates deeply with yield-hungry crypto enthusiasts. This, coupled with Lido’s robust platform and proven track record, is attracting new users at a steady pace.

Strong TVL Numbers Put Lido In Contention

The surging TVL is a testament to this burgeoning trust. As more users deposit their ETH on Lido, the total value locked in the protocol increases, further validating its platform and potentially attracting even more participants. This positive feedback loop could propel Lido towards solidifying its position as the premier Ethereum staking solution.

LDO market cap currently at $3.3...