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In eight days, Ethereum plans to undergo one of the most intensive upgrades since the DAO hard fork in 2016, as The Merge aims to change the network’s consensus mechanism from proof-of-work (PoW) to proof-of-stake (PoS). Amidst the forefront of The Merge, the decentralized finance (defi) and liquid staking protocol, Lido’s Total Value Locked (TVL) rose 6.34% this week, and the project’s native token gained more than 23% against the US dollar during of the last seven days.
The merger is coming and it’s just over a week away now. Crypto supporters and participants are gearing up for Ethereum’s most notable fork since 2016. Amid the anticipation, defi protocol Lido Finance has seen significant action over the past seven days.
Lido is a liquid staking service that allows people to wrap ethereum and collect revenue from tokens while trading and holding the assets in a non-custodial manner. In fact, lido staked ether (STETH), which is the wrapped version of ethereum issued by Lido, is currently the 13th largest market capitalization in the crypto-economy.
STETH has a market cap of around $6.57 billion as of September 5, 2022. In the last day, STETH has seen $4.18 million in global trading volume. Lido Finance has seen some demand ahead of The Merge and Total Value Locked (TVL) increased by 6.34% over the past seven days.
Statistics from defillama.com and lido.fi both show that Lido’s TVL today is 6.95 billion dollars. $6.78 billion of the $6.95 billion staked is ethereum, according to Lido’s website. Lido is the second largest defi protocol below Makerdao according to defillama.com calculations.
Defi project’s native token lido dao (LDO) traded up 23.4% against the US dollar during the last week. LDO is ranked #48 out of more than 12,000 cryptoassets and the token has recorded $56,716,794 in 24-hour global trading volume. There is a circulating supply of 604,677,030 LDO today, and the price has ranged from $1.93 to $2.07 per unit.
What do you think of the action Lido has seen in the last seven days ahead of The Merge? Let us know what you think about this topic in the comments section below.
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