Top Ranking Ethereum-Based DeFi Protocol By TVL Jumps 30% In Price May 2022Top Ranking Ethereum-Based DeFi Protocol By TVL Jumps 30% In Price May 2022

Ethereum staking token Lido DAO (LDO) jumped nearly 30% in an hour after Binance said it will list the token on Monday.

LDO will be available to trade in LDO/BTC, LDO/BUSD, and LDO/USDT pairs starting at 11:00 UTC. This will be the first-ever listing of the LDO token by any centralized crypto exchange.

Lido, an Ethereum-based DeFi platform, has among largest market share in ETH staking and is the 2nd largest decentralized finance (DeFi) protocol by total value locked (TVL), as per DeFi Llama.

Lido DAO (LDO) Jumps 25% On Binance Listing

Lido provides staking across the Ethereum, Terra, Solana, Kusama, and Polygon. LDO token price has jumped more than 35% in the last 24 hours, with Binance announcing the listing of the token contributing majorly to the rally.

Lido DAO (LDO) deposit channel is now open. However, traders have to wait for 24 hours for withdrawal as per the exchange’s policy. The Lido DAO (LDO) listing fee is 0 BNB.

Lido has become the most favored liquid staking platform for Ethereum amid the rising interest in Ethereum 2.0. However, the LDO price had plunged significantly after developers delayed the Ethereum merge to the third quarter.

Moreover, the ETH rewards on Lido have decreased over time as it continues to add other assets. It has increased concerns among Lido users.

However, the approach toward more decentralization and listing on Binance will be beneficial for Lido.

According to CoinMarketCap, the trading volume has jumped more than 100%, pushing the LDO price to a high of $3.51 in the last 24 hours. Currently, the price is trading at $3.39.

Lido Sees Demand Amid Staking Interest

The demand for Lido seems to be rising as staking interest picks up pace. Recently, Lido became the top DeFi protocol briefly as the total-value-locked (TVL) jumped over $20 billion. Currently, Lido ranks second, with the TVL being $15.70 billion. Ethereum staked on Lido is $10.15 billion.

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

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