Tokens supporting various liquid staking protocols are experiencing a strong rise as the withdrawal deadline for unstaking Ethereum approaches.
According to information from CoinGecko, Lido Finance (LDO) and Rocket Pool (RPL), for instance, have already recorded large gains over the previous 24 hours.
The largest liquid-staking platform on Ethereum, Lido Finance, is powered by the governance token LDO, which has grown by over 17.2% over the past day and is currently trading at over $1.88.
Trading activity was intense for the liquid-staking derivative cryptocurrency, which increased its daily volumes across several exchanges to $276 million, a 436% increase from the day before. According to data from CoinGecko, LDO is currently the 33rd largest cryptocurrency with a market valuation of over $1.5 billion.
LDO futures holdings totaling approximately $1.61 million were closed out over the previous day, according to Coinglass. Approximately 66% of liquidations resulted from blown-out short positions.
For LDO, last week was very rewarding. The maker of DAI, MakerDAO, has been dethroned by Lido Finance, which has overtaken it as the largest decentralized application in terms of total value locked (TVL).
With a staggering 74.8% rise over the last seven days compared to Bitcoin’s modest 3.8% gain during the same time frame, LDO is also the greatest weekly gainer.
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