- Lido’s vote for deploying its second iteration on Ethereum sparked positive token response and market interest.
- With a significant market share and high Total Value Locked, Lido maintains its position as a leading liquid staking platform.
12 May marked an exciting milestone for Lido [LDO] as it initiated the voting process to introduce the newest version of Lido on the Ethereum blockchain. This version, v2, holds significant importance as it marks the most substantial upgrade since Lido’s launch in December 2020.
How much are 1,10,100 LDOs worth today?
Ethereum is its primary and largest market for liquid staking tokens, making this upgrade all the more crucial.
The Lido deployment plan
In a 12 May post by Lido, two key areas of focus were highlighted for this upgrade: ETH staking withdrawals and introducing a Staking Router. These enhancements foster greater participation from a diverse range of node operators.
? The Aragon vote to implement the Lido on Ethereum V2 upgrade is now live! ?
You can cast your vote on Lido’s most important upgrade to date here: https://t.co/GMrXGuLIdT
Assuming the vote passes, Lido V2 will go live on May 15th ?️ pic.twitter.com/GE3aea83fD
— Lido (@LidoFinance) May 12, 2023
Implementing withdrawals and the Staking Router proposal can contribute to a more decentralized network. This, in turn, would result in a healthier Lido protocol and fulfill the long-awaited capability of staking and unstaking at will.
Furthermore, as of this writing, the voting process for the deployment of Lido’s second iteration was yielding favorable results. The feedback from voters has been positive, indicating a promising outlook for implementing the upgrade.
The voting period is set to conclude on 14 May, at which point the final results will be determined. Assuming the voting process concludes as scheduled, the deployment of the new iteration is planned to take place on 15 May.
How LDO reacted
Upon initiating the voting process, a closer examination of LDO’s daily timeframe chart revealed a positive reaction. On 12 May, the chart displayed a notable surge, with LDO gaining 15.38% in value by the end of the trading session.
This surge represented the highest spike witnessed in nearly two months. Moreover, it reflected a significant boost in market sentiment surrounding the token.
Source: TradingView
However, there has been a slight decline in LDO’s value at the time of writing, with approximately a 1.4% drop. It was trading at around $1.8.
Realistic or not, here’s LDO market cap in BTC’s terms
State of TVL and stakes
As of this writing, Lido’s Total Value Locked (TVL) stood at approximately $12.1 billion per DefiLlama. Also, this metric reflected the total amount of assets currently locked on the platform in terms of value.
According to data from Dune Analytics, Lido maintained its position as the platform with the highest stakes on the Ethereum network. As of this writing, Lido held a market share of over 30%, signifying its dominance. Notably, Lido was among the platforms that have yet to initiate the withdrawal process.
