DeFi Staking Protocol Lido DAO (LDO) recently experienced its largest network transaction in two years, according to a report by Santiment. The popular On-Chain analytics company stated that on May 5th, LDO tokens worth $135 million were transferred from one self-custody wallet to another. Santiment also revealed that 70 million LDO tokens were moved during this transaction, marking the largest coin transfer on the network since June 2021, and the eighth largest transfer of all time.
Lido DAO is the most well-known liquid staking platform, enabling users to easily participate in staking across multiple PoS networks, including Ethereum (ETH), Polygon (MATIC), Polkadot (DOT), Solana (SOL) and Kusama (KSM). However, the LDO wallet transaction that took place earlier today may have drawn significant attention to the network, but has yet to result in a positive price effect on the token.
According to data from Coingecko, LDO is currently trading at $1.85, a drop of 0.34% in the past 24 hours and a cumulative loss of 11.7% in the past week. Additionally, the token’s daily trading volume has decreased by 47.26% to a value of $31.95 million.
Despite current downward trends, this does not affect Lido protocol’s impressive year. Following last year’s Ethereum Network merger, liquid staking protocols such as Lido became a focal point of investor interest. This momentum was further fueled by the anticipation of the Shanghai/Capella upgrade that took place last month.
Building upon the massive hype around its network, Lido DAO has seen incredible gains in its Total Value Locked (TVL), displacing MakerDAO as the largest DeFi protocol in the crypto space. According to Defillama data, the amount of ETH deposited on Lido has risen from 4.84 million ETH on January 2, 2022, to the current figure of 6.33 million ETH, equating to a total value of $12.15 billion. In fact, total investments in Lido across all five supported blockchains have increased by over 108% since the start of the year, giving the liquid staking platform a 28% market dominance in the DeFi space.
Furthermore, with its developer team’s recent partnership moves, Lido could be poised for further gains in the future.
Today, OKX announced the integration of Lido with its OKX Wallet browser extension, allowing users to access Lido’s staking service directly by visiting the platform’s official website through the “Discover” module on the wallet. This integration is good news for Lido DAO, with the prospect of many new users, as OKX is the second-largest crypto exchange with over 50 million customers worldwide. In addition to Lido, the OKX Wallet provides access to over 100 DeFi protocols, including Aave, Curve, Sushiswap, and more.
However, similar integrations with established centralized exchanges in the future could well lead to Lido further strengthening its dominance in the DeFi space.
