ETH breaks through $3,200! Lido TVL reaches a new high of US$31.3 billion. How is LDO rising?

The decentralized staking track will explode in 2023. The main reason is that after the upgrade of Ethereum Shanghai, the pledged Ethereum can be redeemed, which not only promotes users to deposit ETH In the staking agreement, 4-5% of staking rewards are earned, and many investors hope to use LSD to further maximize their returns, making LSDFi the hottest narrative in DeFi at the time.

LSD refers to liquid staking derivatives, which are jointly mortgaged Tokens in exchange for certificates. Holders can participate in derivatives transactions by holding LSD and enjoy the benefits of staking Tokens.

As the pursuit of capital efficiency increases again, the "re-pledge market" has also become a new hot spot in the market this year. Ethereum investors are chasing EigenLayer Renzo, ether.fi, Kelp DAO, Eigenpie, Swell, and Puffer Projects such as Finance can earn potential airdrop points for the project while gaining interest rates.

Lido TVL reaches $31.3 billion

According to the latest data from DefiLlama, as the price of Ethereum continues to rise and exceeds $3,200, Lido’s total locked value (TVL) has reached $31.3 billion, A new record high.

Dune’s data shows that the current overall pledge rate of Ethereum has reached 25.62%. Among them, Lido’s market share is as high as 31.62%, which highlights its strong position in the market.

Lido TVL reaches 31.3 billion US dollars

Blast assists Lido with 2 billion US dollars

Since Blast came out in the second half of last year, TVL has hit new highs in succession , the current total locked-up amount reaches 2.1 billion, of which 2 billion US dollars are deposited in Lido. As the mainnet launch date approaches, the Blast ecological project has also attracted continued attention from the market.

How is Lido rising?

In the past, when Ethereum rose, Lido stock prices also rose simultaneously. However, the correlation between the two seems to have weakened recently. ETH has risen by more than 97% in the past year, but Lido's governance token LDO has only risen by 14.9%.

It seems that the heat has been sucked away by the re-pledge market and the Ethereum spot ETF. In addition, the market has been worried that Lido’s decentralization is not enough, which may affect the ecological security of Ethereum. If LDO cannot solve this problem, the currency price may not be able to return to glory.

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