Main navigation

LDO Up 24% as Lido Finance Breaks Major Record in 2023

Mon, 01/02/2023 - 15:00
article image
Gamza Khanzadaev
Lido Finance (LDO) is most profitable crypto of 2023 so far, here's why
LDO Up 24% as Lido Finance Breaks Major Record in 2023
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Lido DAO's governance token, LDO, has risen by almost 24% since the start of January 2023 to date. At its peak, LDO rose by 34% in two incomplete days into the new year.

LDO to USD by CoinMarketCap

Like all such abnormal movements in the crypto market, in the case of LDO, there is a reason that led to the consequences depicted on the price chart. This time the catalyst was the fact that Lido DAO overtook MakerDAO, the issuer of one of the largest stablecoins on the market, DAI, in terms of total value locked (TVL).

Lido (LDO) Becomes Third Most Profitable Asset, Here's Why

Previously top-ranked MakerDAO, with $5.93 billion in TVL, was pushed into second place by Lido Finance, whose liquid staking services in various networks puts it at $5.98 billion. At the same time, the fully diluted market capitalization of the Lido DAO token is $1.17 billion, which is more than five times less than the total value locked on the platform.

What does LDO have to do with it?

Lido Finance's emergence as the number one by TVL is a definite success for the decentralized autonomous organization, Lido, which administers the protocol. Consequently, LDO being the governance token becomes desirable for those who want more power in the process.

Lido Finance (LDO) Faces Large Spike in Selling Pressure, Here's Who Sold It

The big gap in capitalization and TVL, as well as the opportunity to get a slice of power in the "now biggest" DeFi project has lifted LDO above all others in 2023. So far.

article image
About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.