Lido Finance Surpasses MakerDAO After Breaking Its Major Record This Year
Movements in the crypto market can be quite shocking, especially in the case of LDO (Lido Finance) when it suddenly went up by 26% and surpasses DAI in terms of the total value locked (TVL) in DeFi. The question is, will the LDO price eventually pump?
Lido Finance is one of the liquid staking solution providers for staked assets and Ethereum. Lido users can stake their assets for daily staking rewards and can stake any amount of tokens. For every Ethereum staked via its protocol, Lido uses a synthetic native token allowing users to stake Ethereum and receive an asset of equal value that they can use in different DeFi applications.
Over the past two years, Lido DAO (LDO) has been spiking up and finally got a spot on the top five DeFi protocols in the market. Because of this sudden spike, the protocol has reached $5.98 billion surpassing MakerDAO’s DAI TVL of $5.92 billion.
So going back to the question, will LDO price continue to pump?
Since January 1st, there’s been a spike as the token went up from $0.95 to $1.24 as of this writing. At this stage, LDO price is still reeling from the buying surge as the altcoin hits the overbought mark per RSI (Relative Strength Index) earlier this year. In this case, there could be a reverse in its trend which might lead to a market cooldown.
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