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As of right now, Ethereum deposits cannot be withdrawn, at least not before the Shanghai fork that will happen next month.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

The price of #Lido DAO has increased by 8.78% over the previous 24 hours, which is the largest one-day increase in over two months.
This last week had the lowest amount of $LDO transactions in nine months, and this month's total volume was the lowest since December 2022.
The monthly connection between the cryptocurrency and Bitcoin is positive, which might have a bullish effect on the price.
As the SEC announced a delay in the spot Bitcoin ETF applications of BlackRock and other applicants, the market reversed its viewpoint, driving the price of Lido DAO upward during the past day. Yet for companies like LDO, who have been struggling to recover for weeks, this one-day increase is not enough.

The current pricing of Lido DAO requires reinforcements.
With a near 9 percent gain over the past 24 hours, the price of a single Lido DAO token is now $1.59. The alternative currency rebounded from the key support level at $1.46, but its upward momentum stalled when it reached the 50-day Exponential Moving Average (EMA). If the cryptocurrency is going to establish a rally, it has to break over this resistance level.
According to the Moving Average Convergence Divergence (MACD) indicator, LDO might be set for a bullish move in the near future. The signal narrowly escaped a bearish crossing, and the histogram's increasing green bars are suggestive of more upward for the Lido DAO price.
If LDO prices can break over the $1.82 resistance level, it will provide buyers the confidence they need to buy again after they have been sold short for nearly two months. The bullish argument might be rendered useless, however, if prices fall below the key support level of $1.46, which could bring about a slide to $0.94.
The market is not showing any signs of optimism.
It's clear that LDO holders are less enthusiastic about the coin now. The previous two weeks have seen the lowest transaction volume in recent memory. In this month, the number of deals dropped to a low of around $6 million. This contributed to the overall dismal volume for the month, which was the lowest monthly total since December 2022.

Lack of activity suggests dwindling confidence; hence, investors may pull back and wait for gains while doing nothing. This alters the circulation of tokens, which in turn causes price fluctuations that can undo any rebound seen.
Yet, the market tends to back up the Lido DAO price because of its good association with Bitcoin. At 0.42, it's not outrageously expensive, but if Bitcoin continues to rise as it has over the past day, LDO might gain.

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#Lido #CryptonResearchBot