After Binance announced today that the token would be listed, Lido DAO token (LDO), an Ethereum-based Decentralized Finance (DeFi) platform has rallied more than 25%
The token can be traded in LDO/USDT and LDO/BUSD pairs. It will go live at 11:00 UTC. This will be the first listing by a central crypto exchange.
DeFi Llama says that Lido holds the largest market share for ETH staking. (ETH staked on Lido amounts to $10.15 billion). Lido also ranks second in total value locked (TVL), which jumped to more than $20 billion.
Lido continues to gain traction
Lido allows traders to stake across Ethereum, Solana Polygon, Terra and Kusama. However, due to exchange policy, traders will need to wait 24 hours before they can execute any transaction. The token listing fee is 0 BNB.
Lido has also been one of the most popular liquid staking platforms for Ethereum lately, at a time where there is growing interest in Ethereum 2.0. The token price experienced a substantial drop following the delay by the developer of the Ethereum merge to the 3rd quarter (Q3).
Although ETH rewards for Lido have been declining over the years despite its efforts to add assets, this move for decentralization will be beneficial to Lido users who have been concerned about its trend.
LDO traded at $3.31 as of the writing of this article, an increase of 26.73% over the previous 24 hours following a retracement from a high of 3.51.
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