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Highlights:
- LDO token trades on exchanges such as Uniswap, Bitget, etc.
- The token was recently listed on the KuCoin exchange.
- LDO returned over 51% gains in the last seven days.
The Lido DAO (LDO) crypto rode the positive wave in the crypto market on Friday, as its price jumped over 15% and trading volume rose more than 17% in the last 24 hours to Friday morning.
The global crypto market was up 3.14% to US$951.28 billion at 8:17 am ET. Its volume also shot up around 29% to US$69.40 billion in the same period, with several major cryptos trading in the green.
Let’s explore what may have triggered the LDO rally on Friday.
What is Lido DAO (LDO) crypto?
Lido describes itself as a liquid staking solution for Ethereum. Users do not require minimum deposits for staking ETH for on-chain services like lending, compound returns, etc.
LDO, the native utility token, has several uses within the ecosystem. It grants governance rights to users in the Lido DAO protocol and manages fee parameters, distributions, and Lido node operators.
The token trades on several exchanges, including Uniswap, Bitget, and MEXC.
Any individual could become an Ethereum 2.0 validator through Lido DAO, given they have at least 32 ETH to lock up for activating the software and earn rewards for various activities like processing transactions and adding blocks.
However, it also provides other options for users who do not have that many holdings. The staking pool allows users to stake any amount of ETH through smart contracts.
Users could earn yields in stETH, which currently cannot be redeemed at a 1:1 ratio for ETH, though it is expected to happen after the merge.
LDO has been gaining traction after KuCoin on Thursday announced to list the token on its platform.
The likely trading pairs on the platform could be LDO/USDT and LDO/USDC. Its trading will start at 10 am UTC on July 8.
Data Source: CoinMarketCap.com
Bottom line:
The LDO token was priced at US$0.6912 at 8:41 am ET on July 8, up 15.07%, while its volume for the last 24 hours surged 17.12% to US$23.20 million. It has a market cap of US$216.31 million, and its fully-diluted market cap is over US$691.45 million.
The token has a maximum and total supply of 1 billion, and its current circulating supply is over 312.95 million. It returned gains of 51.55% in the last seven days.
The token saw the highest price of US$1.03 and the lowest price of US$0.406 in the last 30 days.
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