Lido DAO (LDO), the 30th largest cryptocurrency by market cap, has recently caught the attention of the crypto community with a surge in its price. Over the past seven days, LDO has experienced a 20% gain, putting it in line with the bullish momentum seen across the overall market.
The weekly and daily charts show that Lido DAO is making waves, standing out with its eye-catching surge. Additionally, the trading volume of LDO has also seen a significant boost, rising over 70% in the past 24 hours.
It has resulted in a price increase of almost 5%, with Lido DAO currently trading at $2.54. In just one week, the price has jumped from a low of $2.0432 to a daily high of $2.57, recorded earlier today, according to CoinMarketcap.
Lido DAO’s journey has been quite a roller coaster ride, as it faced a slump below its launch price at the beginning of 2022. However, it overcame this and reached $4.90 in April 2022.
Unfortunately, it resumed its bearish trend in late May, only to start recovering since then. It reached $2.93 on August 13, 2022, but ended the year at $0.9524.
Despite the ups and downs of the past year, LDO has seen a somewhat impressive recovery in 2023. In the year-to-date chart, LDO has risen by approximately 168%.
Lido DAO Price Driving Factors
Lido DAO (LDO) price-driving factor could be its strong network performance. In the latest weekly analytics report from Lido, the platform’s total value locked (TVL) has increased by 1.03% over the last week.
It is due to new deposits of Ethereum (ETH), Polygon (MATIC), and Solana (SOL). However, there has been a slight dip in the TVL today, decreasing by 0.74%.
Lido has seen a steady increase in staking deposits across Ethereum, Polygon, and Solana, with the current TVL now sitting at $10.66 billion. Ethereum deposits saw a 0.54% increase over the last week, with a total of 5,648,736 ETH now staked on the platform.
Meanwhile, Polygon deposits grew by 4.39% to 85,109,176 MATIC, and Solana deposits increased by 1.26% to 2,560,581 SOL. Regarding ETH staking deposits on the platform, Lido took in 18.7% of the total for the week, with a total value of 30.1k ETH.
Lido’s expansion onto Layer 2 (L2) networks shows strong growth, with the total wstETH on L2 increasing by 4.94% over the last week to reach 62,311 wstETH, as per the report.
The growth is spread across the supported L2 networks, with Arbitrum increasing by 5.48% to 30,650 wstETH, Optimism increasing by 3.25% to 29,014 wstETH, and Polygon increasing by 19.35% to reach 2,648 wstETH.
It’s worth noting that the data presented in the report is for Monday at 00:00 UTC, with changes presented for the last seven days. Overall, Lido continues to see steady growth in TVL and staking deposits across multiple networks, with its expansion onto L2 networks showing significant progress.
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