von • Lido is a decentralized finance (DeFi) platform that allows users to stake coins and earn rewards.
• Its total value locked (TVL) has held steady at $5 billion and its price has defied gravity in the past few weeks.
• Lido faced numerous challenges in 2022, including the collapse of Terra and its ecosystem, but it has recovered and become popular among users.
Lido is a leading decentralized finance (DeFi) platform that makes it possible for users to stake coins and earn rewards. It is one of the biggest liquid staking protocols in the market and has become highly popular among users in the past few months. It has been successful in maintaining a steady total value locked (TVL) of $5 billion despite the challenges it has faced in the past year.
The LDO token was trading at $1.06 on Tuesday, which was the highest it has been since December 16. It has risen by more than 22% from the lowest level this year, defying the gravity of the market. Lido is the biggest holder of Ethereum staking pool where it holds over 4.8 million ETH that provide an APR of 4.6%. It is also the biggest Polkadot pool operator with over 2.47 million DOT valued at over $11 million with a yield of 14.3%.
However, Lido did face numerous challenges in 2022. The biggest one was the collapse of Terra and its ecosystem. It was one of the biggest holders of Terra token, and when the ecosystem collapsed, the total value locked (TVL) in its ecosystem plunged from over $20 billion to about $5.9 billion. Despite this, Lido was still able to recover and remain popular among users.
The recent recovery of Lido’s price is likely due to investors’ belief that its yield solution is better than those provided by other cryptocurrencies. Its steady total value locked (TVL) and rising price amid a market downturn suggest that it could be a good crypto to buy as its performance defies gravity.
