DeFi Token Powering Ethereum Staker Lido Finance Jumps 18%

Native Tokens Behind Popularity ethereum Staking platform Lido Finance is up more than 18% in the last 24 hours.

LDO, the 62nd largest token with a market cap of around $860 million, is currently trading at $2.75, according to data from. coin market capitalization.

One of the main reasons behind today’s bullish price action is probably the successful completion of the final test. merge early thursday morning. The Goerli merge, named after the Ethereum testnet Goerli, is the last test before the mainnet he merge. Be expected September 19th.

The merge event will transition Ethereum, currently operating on the Proof of Work (PoW) consensus mechanism, to more. energy efficiency Proof of Stake (PoS) consensus mechanism.

In addition to improving network efficiency, the upgrade is also expected to improve Ethereum transaction speed and security. Still, there are drawbacks. Notably, becoming a network validator will cost a user 32 Ethereum, or approximately $60,000 at current prices.

To avoid this hefty sum, Lido is offering retail users a workaround.

Instead of betting $60,000 on Ethereum, Lido allows anyone to profit regardless of how much Ethereum they bet on the platform. Currently, Lido offers stakers his 3.9% yield.

Lido Finance’s Total Value Locked (TVL) holds a total of $8.28 billion, Defilama.

According to data from Lido, Lido has approximately 48,881 unique depositors who have staked over 4.14 million Ethereum in total. dune analysis.

Lido and DeFi

Besides Lido, other major tokens within decentralized finance (DeFi) including sectors curve (7.8%), Sushi (10.58%), compound (8.2%), and Urb (11.95%) have also been bullish over the last 24 hours.

Ethereum, the second largest cryptocurrency with a market capitalization of $229 billion, has also gained 10.58% over the past 24 hours.

Ethereum is trading around $1,885, up 80% over the past 30 days, according to data from. coin market capitalization.