The staking liquidity protocol Lido reported that the amount of pledged ETH pouring into its platform today topped 150,000, which was the greatest single-day pledge flow to date. However, following this quantity, the platform activated security limits using Function "Staking Rate Limit."

Without suspending pledged deposits, this function provides a dynamic method that can address any issues brought on by a high influx of committed tokens (such as diluted pledge rewards) by reducing the quantity of minted stETH and gradually replenishing it.

It operates by limiting the total number of stETH that can be created at once based on previous deposits (a moving 24-hour window), and then restoring this capacity block by block. Due to the recovery rate of 6200 ETH each hour, the majority of users won't likely be impacted.

Users are reminded by Lido that this prohibition will apply to anyone attempting to mint stETH on the Lido platform. Users can try a modest amount or wait a while if the message "stETH cannot be minted at this moment" occurs.

Lookonchain, the on-chain data analytics platform, reported on February 25 that an address linked to Justin Sun invested 150,100 ETH, amounting to over $240 million, in Lido. In exchange, Sun received an equal amount of stETH.

Users may earn interest by staking any amount of Ethereum with Lido Finance, the most liquid staking system on the market. Users receive the staked Ethereum token stETH in return for their deposits.

As of right now, Ethereum deposits cannot be withdrawn, at least not before the Shanghai fork that will happen next month.

#Lido #LDO #ETH #Staking

Blockchain monitoring company Lookonchain has discovered a whale transaction that exchanged #Lido (LDO) tokens for SingularityNET (AGIX) on the Binance exchange. The company stated that the whale deposited 3.43 million LDO, or $8.2 million, to Binance.

The whale received 7.28 million AGIX, or $3.6 million, and 2,824 ETH, or $4.66 million, in exchange for the transferred LDO. Following that, the whale reportedly added AGIX liquidity to Uniswap.

AGIX is ranked #22 on CoinMarketCap's list of Trending #Cryptocurrencies and is one of the altcoins that has recently attracted a lot of attention in the cryptocurrency market. Based on data from CoinMarketCap, the SingularityNET project's native token, AGIX, has increased by almost 33% in the last week due to the inflow of capital.

The native token of SingularityNET, AGIX, allows users to vote on the SingularityNET network, which offers a marketplace where users can create, share, and monetize AI services. Analysts claim that AGIX is among the highest beneficiaries of the growing interest in Artificial Intelligence (AI) promoted by OpenAI's ChatGPT. Additionally, it offers users the possibility to stake their token and potentially earn interest by doing so.

The introduction of #chatgpt has given AI-based crypto tokens momentum, the majority of which have followed a pattern resembling that of AGIX. Users anticipate that this trend will continue, giving investors additional motivation to hold onto their token holdings.

As of the time of writing, #AGIX had a trading day gain of 10.57% and was trading at $0.4986. After recovering from a setback the day before, when the price dropped to $0.4123, it has started to go higher again.

There wasn't a lot of information in Lookonchain's report. Yet, as one of Lookonchain's responders stated, some cryptocurrency users think that now would be a good moment to buy AGIX.

After a shaky start to the day, bulls in the Lido DAO market countered the bear trend that had driven the price to a 24-hour low of $2.04. This upbeat mood could be attributed to the Lido Node Operator Community Call #5, which reviewed the project's future strategy and highlighted some anticipated future advancements.

The most recent developments include the status and updates for the Lido V2 testnet, a walkthrough of the withdrawals procedure on Goeril, and an update on the Lido DVT Testnet #2.

As a result of the discussions, #LDO bulls reached a new 7-day high of $2.41 before hitting resistance and retreating to $2.40 as of press time, representing a 14.97% increase from the previous closing.

The market capitalization and 24-hour trading volume increased by 14.92% and 22.00%, respectively, to $2,068,824,746 and $148,903,677, indicating growing investor and trader interest in DAO, which could be attributed to positive news and developments surrounding the project.

On the LDO 4-hour price chart, the MACD line has recently crossed into positive territory, reading 0.039208131 and rising above its signal line. This MACD movement suggests that the bullish momentum is building, and traders should look for buying opportunities.

The histogram's movement in the positive zone over the last few hours confirms this bullish trend, indicating that purchasing pressure is building and the price may continue to rise in the short term, making now an excellent time to start a long position.

The Bull Bear Power indicator moves north and into positive territory with a reading of 0.31032473, indicating that bullish strength dominates the market. This movement implies a higher likelihood of further price appreciation, making it a good time for traders to consider going long on LDO.

With a reading of 65.10, the Relative Strength Index (RSI) movement northward indicates that buying pressure is still present in the market and that the price may rise further. However, traders should exercise caution because the RSI is approaching overbought territory.

Overbought conditions, on the other hand, do not always imply that the price will reverse if the bullish momentum is strong and there is no bearish divergence.

This bullish momentum is reinforced by a Chaikin Money Flow reading of 0.05, indicating that there is still buying pressure in the market and that the price may rise further. If the Chaikin Money Flow reading falls below zero, it may indicate a shift in momentum and a possible price reversal.

Finally, recent developments in #Lido DAO have sparked a bullish trend, providing traders with potential buying opportunities.

This news is republished from https://coinaquarium.io/

- Lido DAO is on the verge of reaching 10 million ETH staked, demonstrating remarkable growth despite apprehensions surrounding the Shapella upgrade.
- With approximately 72% of the liquid-staked ETH market under its belt, Lido asserts its dominance in Ethereum staking.
- Since February 2023, the protocol's Total Value Locked (TVL) has doubled, underscoring widespread adoption and growing interest in Lido within the community.
- Even post-Shapella, Lido remains one of the top ETH staking platforms for withdrawals, indicating a high level of user trust in the protocol.
- While facing some resistance, $LDO 's current price suggests the potential for a bullish reversal, as per technical analysis indicators.

An Unyielding Lido: Defying Expectations Post-Shapella Upgrade
One might have anticipated a downturn for Lido, the staking service, following the introduction of the Shapella upgrade on the Ethereum network. This upgrade allowed staked Ether to be withdrawn from the network for the first time.
However, contrary to expectations, nearly a year after this upgrade, Lido stands strong and has accomplished a remarkable milestone.
The staking protocol has now surged close to the 10 million ETH mark staked on its platform, marking a significant achievement amidst the growing demand for liquid staking solutions in the Ethereum ecosystem.
Impressive Growth of Lido DAO
According to data from DefiLlama, Lido DAO currently boasts a staggering 9.61 million ETH staked on its platform, equivalent to a whopping $21.76 billion.
To put this figure into perspective, it represents approximately 72% of the 13.10 million ETH, or $30.12 billion, in liquid ETH staked on the market.
This exponential growth is evident when comparing to the protocol's humble beginnings with less than 100,000 ETH staked in December 2022.
DefiLlama data further illustrates the significant surge in ETH staked in the Lido protocol from around 5 million ETH in February 2023 to its current impressive figure.
This substantial increase indicates a strong adoption by the Ethereum community and growing interest in the platform.
Despite the Shapella upgrade in November 2023, which allowed withdrawals from the beacon chain, Lido DAO's continued growth is a testament to its reliability and security.
$LDO 's Market Performance
$LDO , the native cryptocurrency of Lido DAO, currently trades around $2.72, experiencing a 13% decline over the past week according to CoinMarketCap.
While the success of Lido remains evident, $LDO 's market performance suggests ongoing bearish sentiment. However, weekly charts hint at a potential recovery on the horizon.
The price action chart indicates $LDO trading above an ascending trendline, signaling bullish momentum. Despite facing rejection from the $4 zone, recent price movements suggest a possible rebound, potentially leading to a resurgence to $4.

Disclaimer: Voice of Crypto aims to provide accurate and up-to-date information, but shall not be liable for any missing facts or inaccuracies. Cryptocurrencies are highly volatile assets, so conduct thorough research and make informed financial decisions.

#Lido #ETH #Ethereum #Crypto2024 #cryptocurrency
$LDO $ETH