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- Lido received the most fees, compared to other protocols
- The price of LDO has decreased significantly as the network has grown
Lido [LDO] It has been one of the most dominant protocols on the staking front. Despite this, the protocol and its token have not been as popular as other networks in the cryptocurrency space.
Lido beats them all
According to the latest data, Lido charged the most fees out of all the apps in the cryptocurrency space. This increase in fees generated by Lido indicates that activity on the network is still relatively high and users are constantly using this platform for their staking services.
Source: X
However, if we dig deeper into Lido’s performance over the past week, we can see a mixed bag. While the total value locked (TVL) fell slightly by 1.70% to $35.39 billion, likely due to a slight decline in the price of ETH, there were some positive indicators as well.
For example, Lido continues to attract stakeholders, with a net increase of 19,392 ETH, representing a 0.26% increase. This translates to a higher total of ETH deposited on the platform, with a figure of 9,513,384 ETH.
Source: Debt Analytics
Moreover, the 7-day moving average (7d MA) of the annual percentage rate (APR) of stETH showed a positive trend, increasing by 0.09% to 3.27%. This means a potential increase in the rewards accumulated for Lido users.
Conversely, wrapped stETH (wstETH) trading activity appears to have slowed, with 7-day trading volume down 19.7% compared to the previous week. In doing so, it settled $1.03 billion on the charts.
Source: Lido
Consider the data
Interestingly, the data also revealed movement within the Ledo ecosystem. While the total amount of wstETH bridged to Layer 2 (L2) solutions decreased by 2.86% to 136,893 wstETH, the amount bridged to Cosmos saw a slight decrease of only 0.16% over the past seven days.
At press time, LDO was trading at $2.18, with its price down 4.11% in the past 24 hours. LDO’s trading volume also decreased by 34.57% during the same period. Furthermore, network growth around LDO has declined significantly, meaning that new titles have lost interest in LDO.
Realistic or not, here it is LDO’s market capitalization in terms of BTC
However, the total number of addresses containing LDO has continued to rise over the past few days. This can be interpreted as a sign of accumulation on a smaller scale, despite the volatility in the token’s price movement.
Source: Santiment
