Lido DAO (LDO), a decentralized finance (DeFi) staking protocol, saw its largest network transaction in two years, as reported by Santiment. On May 5, $135 million worth of LDO tokens were transferred from one self-custody wallet to another. The transaction included 70 million LDO tokens which marked the network’s biggest coin transfer since June 2021 and its eighth-largest transfer of all time.
Lido DAO is a liquid staking platform that enables users to participate in staking on several proof-of-stake networks, including Ethereum (ETH), Polygon (MATIC), Polkadot (DOT), Solana (SOL), and Kusama (KSM). The significant LDO whale transaction has drawn attention to the network, but the token’s price has not been positively impacted. As per CoinGecko data, LDO is currently trading at $1.85, with a decline of 0.34% in the last 24 hours, and an 11.7% cumulative loss in the past week. Additionally, the token’s daily trading volume decreased by 47.26% to $31.95 million.
Despite the current bearish trend, Lido has had a remarkable year, achieving substantial gains in its Total Value Locked (TVL) after the merge of the Ethereum network and the Shanghai/Capella upgrade. The TVL of Lido has replaced MakerDAO as the biggest DeFi protocol in the crypto space. Data from Defillama shows that the amount of staked ETH on Lido has increased from 4.84 million ETH on January 2, 2022, to its current figure of 6.33 million ETH, representing a total value of $12.15 billion. The platform and its five supported blockchains have attracted over 108% of all investment since the beginning of the year, allowing it to gain a 28% market dominance in the DeFi space.
Furthermore, Lido revealed that it has integrated with OKX wallet, which announced the integration of Lido with its OKX wallet web extension, allowing users to directly access Lido’s staking service by visiting the platform’s official website via the “Discover” module on the wallet. The integration of Lido with established centralized exchanges in the future will increase its dominance in the DeFi space.
In conclusion, the significant transaction and the integration with OKX wallet have boosted Lido’s visibility and led to many new users seeking to access its staking service. Despite the token’s current bearish trend, Lido has had a remarkable year, setting new milestones in the DeFi space. It continues to grow with more partnerships and integrations in the pipeline, positioning itself for further gains in the future.
