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DeFi Rally Led by Lido Finance LDO, Ethereum Recovers 10%

As Ethereum's merge event nears, blue-chip DeFi tokens including Compound and Lido posted substantial gains....
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Photo by Nicholas Cappello

As Ethereum’s merge event nears, blue-chip DeFi tokens including Compound and Lido posted substantial gains. The DeFi tokens in Lido Finance (LDO), Compounded(COMP), and Sythetix have experienced significant gains over the past 24 hours, according to CoinMarketCap.

The native token of Lido Finance, LDO, gained 16.2% earlier in the morning according to CoinMarketCap . This is the largest gainer among top 100 cryptocurrencies according to market capital, data from CoinMarketCap .

Users can stake Ethereum on the liquid staking platform and get a small return. Lido stakers get stETH back in return for their investment, which they can use throughout the market, rather than directly staking on Ethereum’s beaconchain.

LDO’s market capitalization is now $587 million and it is currently changing hands at $1.88 Although the token’s current price is far below its record high of $18.62, it remains a significant investment.

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COMP, the native token that powers the lending platform Compound has also seen a 9.58% increase in the last 24 hours. According to CoinMarketCap, the market capitalization for DeFi token is nearly \$357 million. However, it has lost 94.52% from its peak of $911.20.

Synthetix’s native symbol SNX has also increased by 13.94% in the last 24 hours.

The market capitalization for the 57th largest cryptocurrency SNX is $762 million. It trades at $3.24 and is down 88.59% from its February 2021 record of $28.77. This data comes from CoinMarketCap.

Reports Coinglass. Nearly $42.67 Million in short trades were resold in cryptocurrency markets over the last bullish day.

Today’s bullish price action is likely due to the upcoming Ethereum merger and improved deFi activity.

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According to Dune Analytics, nearly 13.458 million Ethereum have been staked on Ethereum in advance of the network’s upgrade.

According to data from DefiniLlama, the total value locked (TVL), across all blockchains, has increased by 3.51% in the last 24 hours.

According to DefiLlama, Lido’s TVL has increased 8.74% in the same time period. This makes it the most important among top-10 DeFi apps on Ethereum.

Ethereum, which powers over 50% of all DeFi activity is up almost 10% in the last 24 hours, in anticipation of the consensus price.

According to CoinMarketCap data, ETH trades at $1591 per unit. This is a 30% increase in daily trading volume, which offsets its weekly losses.

Vitalik Ivanov

Vitalik Ivanov

Vitalik is a speaker / journalist. He has spoken and given presentations at many blockchain events across the world. Vitalik is based in the UK, he loves to travel and calls Dubai his "crypto home". Vitalik has enjoyed speaking at blockchain events and has a main focus on CBDC's, NFT's and altcoins. Vitalik says "Everything, and i mean everything will be an NFT one day".
Vitalik Ivanov

Vitalik Ivanov

Vitalik is a speaker / journalist. He has spoken and given presentations at many blockchain events across the world. Vitalik is based in the UK, he loves to travel and calls Dubai his "crypto home". Vitalik has enjoyed speaking at blockchain events and has a main focus on CBDC's, NFT's and altcoins. Vitalik says "Everything, and i mean everything will be an NFT one day".

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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