Under-the-Radar Altcoin rises more than 115% in seven days, defying the encryption market
The sub-radar symbol of a decentralized autonomous organization (DAO) is increasing this week, more than doubling its value.
The original symbol of Lido DAO (LDO) has soared from a seven-day low of $ 0.58 to its high of $ 1.25, marking a 115.52% increase in just one week.
The 85th ranked cryptocurrency by market value has declined since and is now changing hands for $ 1.08.
Lido DAO is designed to build floating deployment services for various blockchains. It allows participants to earn stake prizes without having to lock any assets or maintain any kind of stake infrastructure. LDO can be used for mortgages, loans, stakes and yield farming.
Lido’s share of the bet Ethereum (ETH) is almost a third of the total amount bet ETH, according to the project’s Twitter page.
The project also has approx $ 5.28 billion in total value locked (TVL). The TVL of a decentralized financial protocol (DeFi) represents the total capital held within its smart contracts. TVL is calculated by multiplying the amount of security locked in the network by the current value of the assets.
Lidos TVL has gone up 3% in the last 30 days. In comparison, the total TVL is across DeFi down almost 3% in the same time period.
In addition, the cryptanalysis firm IntoTheBlock notes that retail interest in Lido is growing.
“Retail interest in Lido Finance is growing. LDO’s retail inventory recently reached an all-time high, with the price up 70% in the last week. “
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Featured image: Shutterstock / Elena Abrazhevich / INelson
