Connect with us
Active Currencies 14915
Market Cap $2,517,596,292,781.80
Bitcoin Share 51.83%
24h Market Cap Change $-1.65

Lido’s deployment vote gets positive response; how did LDO react

2min Read

Lido’s vote for deploying its second iteration on Ethereum received a positive response. It remains a dominant platform with a high market share and Total Value Locked.

Lido's deployment vote gets positive response; how did LDO react

Share this article

  • 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.

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.

Lido daily timeframe chart

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.


Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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.