Connect with us
Active Currencies 15507
Market Cap $3,386,336,900,746.10
Bitcoin Share 57.24%
24h Market Cap Change $3.43
Altcoin

Lido Finance’s [LDO] latest audit data is out, here’s what you need to know

2min Read

Lido had a higher ETH value staked in May last year because of the higher price tag at the time. Nevertheless, the current uptick represents a recovery in the amount of staked ETH,
Posted:
Avatar
contributor
Lido Finance’s [LDO] latest audit data is out and here’s what you need to know
Avatar
contributor
Posted:

Share this article

  • Lido’s audit disclosed critical points of weakness.
  • Lido’s TVL approached its previous ATH as platform demand recovered.

Lido [LDO] recently went through an audit process and the results were published on 3 May. According to Statemind, the blockchain auditing firm that conducted the audit, multiple issues were uncovered.

Is your portfolio green? Check out the Lido Profit Calculator

According to the official announcement, a total of 120 issues were found during the audit and two of them were classified as critical.

They included funds at risk of being stolen by malicious staking modules and reentrancy when depositing buffered ether. The first issue underscores a potential risk that may lay the foundation for loss.

So, should users be worried about their funds being at risk? Not necessarily because the whole goal of the audit was to assess the state of the network and iron out any kinks before they evolved into bigger problems.

Evaluating the state of Lido staking

There is no doubt that the market has recently been experiencing a slowdown and lower investor confidence. But has this affected the Lido staking platform, as well as demand for its services?

A slowdown was observed in the number of active addresses, which is in line with the bearish market conditions in the second half of April. However, active addresses have increased slightly since the start of May, confirming a bit of recovery.

Lido active addresses and total addresses

Source: Glassnode

The drop in active addresses reveals the state of demand for Lido staking depending on the prevailing market conditions. In the above case, bearish market conditions attracted less activity.

This is contrary to expectations of accumulation during bearish conditions. Meanwhile, the total addresses maintained steady growth in the last four weeks. A confirmation that the network is still achieving healthy user growth despite the recent market slowdown.

The month of May is shaping up to be a healthy month for Lido’s total value locked. Roughly 6.39 million ETH is currently staked, representing $12.19 billion at ETH’s current market value.

The current level of ETH staked is noteworthy because it is rapidly closing in on the previous high of 6.37 million ETH in May 2022.

Lido TVL

Source: DeFiLlama

How many are 1,10,100 LDOs worth today

Lido had a higher ETH value staked in May last year because of the higher price tag at the time. Nevertheless, the current uptick represents a recovery in the amount of staked ETH, hence underscoring a healthy recovery in demand for the platform.

We may see a new high in the amount of ETH and other cryptos staked on Lido especially if market conditions improve.

 

 

Previous:
Next:

Share

Avatar
Michael is a full-time journalist at AMBCrypto. He has 5 years of experience in finance and forex and more than two years as a writer in the crypto and blockchain segments. Michael's writing at AMBCrypto is primarily focused on cryptocurrency market news and technical analysis. His interests include motorcycles and exotic cars.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.