Lido DAO: Why LDO is up 34 percent

Crypto prices are rising sharply. The winner of the day is Lido Finance with a price increase of 34 percent. What's behind LDO's rise?

Since Bloomberg ETF experts expressed optimism yesterday about the approval of an Ether ETF, the crypto prices increased significantly. Daily winner: Lido DAO (LDO) with an impressive price increase of about 34 percent in the past 24 hours.

As the largest DeFi of Ethereum, the project benefits most from the positive news surrounding Ether.

Lido is a Decentralized Autonomous Organization (DAO) that provides a liquid staking solution on Ethereum and other proof of stake platforms, including Polygon (MATIC) and Polkadot (DOT).

Lido lets users deposit ETH and earn staking rewards. In return, they receive stETH, a tokenized version of their stacked tokens on a 1:1 basis. The process is therefore also known as "liquid staking."

Compared to the previous week, the LDO price rose by a whopping 43 percent. Yet the all-time high of around USD 7.30 from the 2021 crypto bull run is still far away. Lido DAO is currently trading at $2.34.

According to details of Lido ETH worth more than $34 billion is currently being stacked there. Together with crypto fund operator Paradigm, Lido's co-founders are currently planning a raid on the restaking sector, which has experienced hype following the launch of EigenLayers.