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). In the run-up to The Merge, the total value locked (TVL) of Lido’s decentralized finance (defi) and liquid staking protocol jumped 6.34% this week and the project’s native token rose by more than 23% against the US dollar over the past seven years. days.
Liquid Staking Service Lido Sees Demand Before Merger
The merger is coming and it’s in just over a week. Crypto proponents and participants are gearing up for the most notable fork of Ethereum since 2016. Amid anticipation, the defi protocol Lido Finance has seen significant action over the past seven days.
Lido is a liquid staking service that allows people to wrap their ethereum and earn revenue from the tokens while being able to trade and hold the assets non-custodially. In fact, ether-staked lido (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 valuation of approximately $6.57 billion as of September 5, 2022. Over the past day, STETH recorded a global trading volume of $4.18 million. Lido Finance has seen some demand ahead of The Merge and Total Value Locked (TVL) has 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. $6.78 billion of the $6.95 billion is staked in ethereum, according to the Lido website. Lido is the second largest defi protocol under Makerdao according to defillama.com metrics.
The native token lido dao (LDO) of the defi project has surged 23.4% against the US dollar over the past week. LDO is ranked #48 out of over 12,000 crypto assets and the token 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 saw in the last seven days before The Merge? Let us know what you think about this topic in the comments section below.
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