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After the Lido Protocol Shines: Promising LSD Tokens May Rise in the Next 2 Months!

After the Lido Protocol Shines: Promising LSD Tokens May Rise in the Next 2 Months!

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Answer After the Lido Protocol Shines: Promising LSD Tokens May Rise in the Next 2 Months!

Recently, with the recovery of the cryptocurrency market, altcoins have recorded good growth along with the big digital currencies.

In particular, digital tokens rose in the liquidity derivatives (LSD) category on Ethereum.

LDO, for example, which is also one of the digital tokens in the liquidity derivatives (LSD) category on Ethereum, rose by 111% in 30 days, while digital tokens such as SWISE and SSV also grew to varying degrees.

Source: CoinEx

Speaking of ETH LSD, we have to mention the merger in late 2022.

After the merge, Ethereum completely switched from PoW to PoS.

Read:A real test of the ICP project after the launch of the first non-fungible “ICPunk NFT” tokens on its network

Later, Tornado Cash was sanctioned by the US government.

Fortunately, the market turmoil has ended, and Ethereum has gradually become deflationary as the market rebounds.

According to Beaconcha, 16,037,484 ETH are now stored in Ethereum stake contracts, with 501,176 active validators.

Source: Beaconcha

Currently, the Lido protocol remains the largest ETH LSD project, accounting for nearly 30% of all staked and staked Ethereum; About 2,098,912 Ethereum is stored through Coinbase, which is 13% of the total Ethereum stored.

Whales rank third as they store around 1,331,488 ETH, or 8.26% of the total number.

Source: Etherscan

Along with the LDO boom, investors have turned to the ETH LSD class.

With the Shanghai Upgrade of Ethereum approaching, related digital tokens may register healthy growth.

Today, let’s check out some of the promising LSD projects.

Lido project:

Lido is not only the #1 platform in terms of staked Ethereum but also the largest DeFi protocol by value locked (TVL), accounting for 17.3% of the total market.

Read:Majority Approval of Taproot Upgrade for Bitcoin…Why Is This Upgrade Important for the Bitcoin Network?
Source: Defillama

Simply put, Lido mainly provides liquidity aggregation services to Ethereum users, Polygon, Solana, Polkadot, and Kusama.

In particular, 4,664,288 Ethereum is stored through the platform.

Even though the LDO is rising, many of its whale holders are still dumping the cryptocurrency, making it difficult for the price to continue growing.

SSV Network:

Ssv.network has a relatively small share of staked Ethereum, and it has gained positive momentum during the current bounce, which also indicates strong investor confidence.

In addition, the project will soon upgrade its mainnet and become fully deployed, and whale owners will not dump SSV tokens.

the bet:

As the market rebounded, StakeWise’s market capitalization reached $15.5 million.

The project also promised to distribute 90% of the profits to the hostages.

StakeWise is not listed on CoinEx at the moment, as digital tokens are being opened on a daily basis, which has created some selling pressure.

Although the market has recovered a bit, when we turn to its future prospects, we may find that it lacks the oomph to be able to mobilize hot money in the crypto space.

Read:South Korea: Cryptocurrency Crimes Exceed $2.2 Billion

After the shock of successive declines, speculators pulled back, and investors waited for the opportunity while holding their currencies.

However, the rise of the LSD class reminds us that the Shanghai upgrade of Ethereum could be a story that could spur the market in the next couple of months, and investors should keep track of the latest developments in this class.

In my view, digital assets should always be backed by suitable platforms, making them accessible to more investors.

As such, over the past few years, these coins kept jumping from one platform to another until I found CoinEx.

As a global cryptocurrency trading platform founded in December 2017, CoinEx has provided first-class services to more than 4 million users in more than 200 countries and regions around the world.

In 2022, CoinEx has redefined its slogan to make cryptocurrency trading easier, With the aim of breaking free from the constraints of traditional finance, making the crypto market more accessible, and serving as the main gateway for global users into the world of crypto.

To this end, CoinEx has perfected its user services and product usage into an easy platform where even beginners can trade cryptocurrencies with ease.

Platform official links coinex On social networks:

The official website of the platform:

http://www.coinex.com/

– Facebook:

https://www.facebook.com/CoinExMENA
Telegram:

https://t.me/CoinExGlobalArabic

Telegram news channel:

https://t.me/CoinExArabicNews

– Twitter:

https://t.me/CoinExGlobalArabic

Instagram:

https://www.instagram.com/coinex_arabic/

Medium:
https://coinexmena.medium.com/

– Tik Tok:

https://vm.tiktok.com/ZMRasoXtP/

– The YouTube:

https://www.youtube.com/channel/UCDp23XEh7Eo7ICZsi-_Czcw



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