Lido DAO (LDO), Lido Finance’s cryptocurrency, has noticeably raised its overall market capitalization to $1.25 billion. This article is all about the Lido DAO price prediction and why has the LDO price increased by 80%. Let’s take a look at it in more detail.
What Is Lido DAO?
Lido is a protocol that aims to provide users with the ability to stake on multiple blockchains. Many people are unaware of the benefits of staking their assets because staking is still a new concept in the digital asset space. The blockchain space allows investors to earn money in a variety of ways, one of which is by staking your asset over time. Lido hopes to build the staking economy, according to the protocol’s official website. While it is still a new protocol, it has the potential to change how easily users can stake it. The advantage of using Lido is that you receive daily rewards on your staked tokens, and you can stake as much as you want.
Why has the price of Lido DAO increased by 80% in just 7 days?
Lido is now on L2 🏝️— Lido (@LidoFinance) October 6, 2022
Bridge your staked ETH to Layer 2 protocols at the click of a button to benefit from lower gas fees and exciting DeFi opportunities.
The latest announcement by Ethereum developers of the date for the blockchain’s forthcoming Shanghai hard fork has been likened to LDO’s price hike. The update, which is expected to take place before March, will enable Ether stakeholders to pull back their assets from the proof-of-stake Beacon Chain, which was previously inaccessible to them.
The popularity of the platform rose exponentially after Ethereum decided to switch from a proof-of-work to a proof-of-stake system in 2022.
Furthermore, the forthcoming Shanghai fork of the blockchain will allow individuals to retract their staked ETH tokens, which is estimated to attract more individuals to stake via Lido Finance. As a necessary consequence, the popularity of the project’s native token will increase.
Lido DAO (LDO) market cap attains $1.25 billion after an 80% weekly increase. Analysts anticipate even more growth as a consequence of the forthcoming ETH Shanghai upgrade, but LDO may open up a price adjustment step as a consequence of an oversold market and whale-selling investments.
The probability of not knowing how soon they will be able to access their [staked] assets is a price reduction element. The announcement mitigated much of the uncertainty surrounding ETH 2.0, triggering many investors to explore ETH-related services and offerings such as Lido.
Lido DAO Price Prediction: More Profits to Come in 2023?
Although things appear to be progressing well at present, there remains a possibility that LDO will open up a price adjustment transition, which will not just slow or stop its upward moves but also end up causing it to lose most, if not all, of its present profits.
It is important to note that other Ethereum staking platforms are unfolding, which may take a significant portion of the market away from Lido DAO. One aspect that may have affected this progression is the market’s view of the centralization of staking on the primary smart contract platform. Stockholders are looking for other options to make this form of treatment more decentralized.
There is also a significant reduction in the amount of LDO tokens possessed by its top addresses, implying that whales are trying to sell their investments. This is to be predicted, considering the huge surge in Lido DAO over the past few days, which presents an opportunity for speculators to make a buck. If these situations do not transform, the crypto asset’s impressive run will probably come to a halt and it will return to its initial downtrend.
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