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HomeDeFiLiquid staking tokens surge 40% in seven days, Lido rises highest

Liquid staking tokens surge 40% in seven days, Lido rises highest

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The global crypto market cap is $ with a 24-hour volume of $. The price of Bitcoin is $17,220.38 and BTC market dominance is %. The price of Ethereum is $1,325.58 and ETH market dominance is %. The best performing cryptoasset sector is Yield Farming, which gained 12%.
The Right Place to Buy, Exchange and Borrow against Your Crypto.
A strong trading narrative is around liquid staking tokens because of the possibility of staked Ethereum unlock in March.
Cover art/illustration via CryptoSlate
Liquid staking derivatives tokens have increased by an average of over 40% in the last seven days, with Lido (LDO) rising the highest by over 64%, according to CryptoSlate’s data.
Liquid staking platforms have enjoyed renewed interest following recent revelations that staked Ethereum could be unlocked as early as March when the network undergoes the Shanghai upgrade.
According to several crypto analysts, the news has birthed a strong trading narrative around the assets of these platforms.
Crypto data aggregator DeFillama pointed out that the growing popularity of the space has reduced the gap between the total value of assets locked (TVL) on the platforms against DeFi lending protocols.
According to CryptoSlate’s data, Lido was the best-performing staking derivatives token in the past week. The digital asset rose by 17.57% in the last 24 hours to $1.87 as of press time.
Over the past two weeks, the asset’s value has more than doubled, touching a peak above $2 during the early trading hours of Jan. 9. During this period, the staking platform also became the largest DeFi protocol based on the total value of assets locked.
Meanwhile, other staking protocols like Frax Share (FXS), Rocket Pool (RPL), StakeWise (SWISE), and ANKR also recorded double-digit gains in the last 24 hours. Overall, the sector’s market cap grew by over 10% to $7.04 billion over the reporting period.
In the last seven days, DeFillama data shows that the top 10 liquid staking protocols, except ANKR, saw their TVL rise by an average of 15%.
At the time of press, Lido DAO is ranked #31 by market cap and the LDO price is up 15.32% over the past 24 hours. LDO has a market capitalization of $1.55 billion with a 24-hour trading volume of $302.81 million. Learn more ›
LDOUSD Chart by TradingView
At the time of press, the global cryptocurrency market is valued at at $855.34 billion with a 24-hour volume of $41.91 billion. Bitcoin dominance is currently at 38.93%. Learn more ›
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Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
Lido is a liquid staking solution for Ethereum.
Rocket Pool is a decentralised Ethereum Proof of Stake pool designed to be compatible with Casper.
Launched in March 2021, StakeWise is a liquid Ethereum staking protocol that unlocks the earnings potential of ETH2 for the DeFi users.
Ankr strives to build a resource-efficient blockchain framework that truly enables Distributed Cloud Computing (DCC) and provides user-friendly infrastructure for business applications.
stETH is a token that represents staked ether in Lido, combining the value of initial deposit + staking rewards.
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