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Ethereum Staking Provider Lido to Incorporate NFTs Into Unstaking Process
Lido, the largest decentralized finance (DeFi) protocol by total value locked, unveiled plans during its Node Operator Community Call #5 to release a non-fungible token (NFT) representing a user’s withdrawal request amount as part of the process of unstaking their ether (ETH).
Ether withdrawals on Lido, where users can unstake their stETH and receive ETH at a 1:1 ratio, will have two steps: request and claim, according to Mariya Muzyko, product manager at Lido, during the call Tuesday afternoon. Once a user requests a withdrawal, they will receive a Lido-issued NFT representing their withdrawal request. The user can then use the NFT to claim their ETH rewards. The NFT is burned after the user redeems and claims their ETH.
Lido was the first to provide access to liquidity to ETH holders who wanted to stake their tokens by issuing a derivative token, stETH. This token represents the combined value of the user’s initial deposit plus accrued interest and can be used across many DeFi platforms. The introduction of an NFT into the request withdrawal process represents another first of its kind.
Each withdrawal-request NFT will be transferable, which means users can transfer the NFT to another address, giving this new address the right to claim the corresponding ether rewards. If a user decides to sell their NFT on secondary markets, Lido said it will not take a royalty percentage from the sale.
Withdrawal periods will take roughly one to five days to process, depending on the amount of stETH in the withdrawal and the number of total requests, according to the community call.
#ETH #Ethereum #LIDO #Binance #STAKING
Ether withdrawals on Lido, where users can unstake their stETH and receive ETH at a 1:1 ratio, will have two steps: request and claim, according to Mariya Muzyko, product manager at Lido, during the call Tuesday afternoon. Once a user requests a withdrawal, they will receive a Lido-issued NFT representing their withdrawal request. The user can then use the NFT to claim their ETH rewards. The NFT is burned after the user redeems and claims their ETH.
Lido was the first to provide access to liquidity to ETH holders who wanted to stake their tokens by issuing a derivative token, stETH. This token represents the combined value of the user’s initial deposit plus accrued interest and can be used across many DeFi platforms. The introduction of an NFT into the request withdrawal process represents another first of its kind.
Each withdrawal-request NFT will be transferable, which means users can transfer the NFT to another address, giving this new address the right to claim the corresponding ether rewards. If a user decides to sell their NFT on secondary markets, Lido said it will not take a royalty percentage from the sale.
Withdrawal periods will take roughly one to five days to process, depending on the amount of stETH in the withdrawal and the number of total requests, according to the community call.
#ETH #Ethereum #LIDO #Binance #STAKING
#Write2earn
Aave Supports Lido with New Deployment
#AAve #LIDO $AAVE $lido #LST
Aave has launched a Lido-focused deployment of Aave v3 to support recursive stETH borrowing, promoting the adoption of Lido’s stETH liquid staking token (LST).
Proposal Approval and Deployment
On June 20, the Aave community approved this initiative, emphasizing the profitable symbiotic growth between Aave and Lido. The deployment will support wETH and wstETH assets, with a borrowing cap for wETH set at 90%.
Statistics
Aave: 3rd largest DeFi protocol with a TVL of $12.3 billion (DeFi Llama).Lido: Largest LST with a TVL of $33.6 billion, accounting for 28.8% of staked Ether (Dune Analytics).AAVE price: Down 2.3% in the past 24 hours.LDO token: Up 3.2%.
Lido Alliance
Lido formed the Lido Alliance in mid-May to develop stETH infrastructure, attracting nearly $1.23 billion in ETH over the past 30 days. The alliance includes the Symbiotic protocol and Mellow, a liquid restaking protocol.
Aave on ZkSync Era
Aave’s community approved deploying Aave v3 on ZkSync Era, a Layer 2 network with a TVL of $1.38 billion, following ZkSync’s airdrop. This marks Aave’s eighth Ethereum scaling deployment and second on a zkEVM network.
Additional Proposals
Deploying GHO stablecoin on Arbitrum.Launching USDC.e pools on Gnosis Chain.Issuing 600,000 GHO to the Aave Liquidity Committee.
Aave Supports Lido with New Deployment
#AAve #LIDO $AAVE $lido #LST
Aave has launched a Lido-focused deployment of Aave v3 to support recursive stETH borrowing, promoting the adoption of Lido’s stETH liquid staking token (LST).
Proposal Approval and Deployment
On June 20, the Aave community approved this initiative, emphasizing the profitable symbiotic growth between Aave and Lido. The deployment will support wETH and wstETH assets, with a borrowing cap for wETH set at 90%.
Statistics
Aave: 3rd largest DeFi protocol with a TVL of $12.3 billion (DeFi Llama).Lido: Largest LST with a TVL of $33.6 billion, accounting for 28.8% of staked Ether (Dune Analytics).AAVE price: Down 2.3% in the past 24 hours.LDO token: Up 3.2%.
Lido Alliance
Lido formed the Lido Alliance in mid-May to develop stETH infrastructure, attracting nearly $1.23 billion in ETH over the past 30 days. The alliance includes the Symbiotic protocol and Mellow, a liquid restaking protocol.
Aave on ZkSync Era
Aave’s community approved deploying Aave v3 on ZkSync Era, a Layer 2 network with a TVL of $1.38 billion, following ZkSync’s airdrop. This marks Aave’s eighth Ethereum scaling deployment and second on a zkEVM network.
Additional Proposals
Deploying GHO stablecoin on Arbitrum.Launching USDC.e pools on Gnosis Chain.Issuing 600,000 GHO to the Aave Liquidity Committee.
Sooner or later Binance will be listing #KNINE , a LSD product on #Shibarium network. Will benefit #SHIB holders. I did not mention burn Shib. The floor is yours. KNINE is cheap for you now. Oh BTW, what is #LIDO LDS on ETH? KNine will be the Lido of Shibarium. Shibarium will have its time to light up. Flock there now before the whales.
A trader or whale identified as "0x3D0" withdrew 7,300 ETH (valued at $21.15 million) from Coinbase approximately 25 minutes ago at a price of $2,897.76 per #ETH .
The entirety of this withdrawn ETH was promptly staked on #LIDO .
Consequently, the wallet now holds 7,300 #stETH tokens. ( Staked Ether (stETH) is a cryptocurrency token that represents Ethereum tokens staked or deposited to support blockchain operations.)
Address: 👇
0x3d0b4fe79cd4c00ef20567bbf059f7a15350b560
$ETH
The entirety of this withdrawn ETH was promptly staked on #LIDO .
Consequently, the wallet now holds 7,300 #stETH tokens. ( Staked Ether (stETH) is a cryptocurrency token that represents Ethereum tokens staked or deposited to support blockchain operations.)
Address: 👇
0x3d0b4fe79cd4c00ef20567bbf059f7a15350b560
$ETH
LDO’s Potential 250% Increase; Impact of Ethereum ETF Hype
It has been a positive period for LDO, with buying pressure remaining strong over the past week. Market indicators and sentiment have generally been bullish for LDO, contributing to significant price appreciation.
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The hype surrounding Ethereum ETFs has also had a favorable effect on Lido DAO (LDO), driving its price up considerably. In the last 24 hours alone, the cryptocurrency has recorded double-digit gains, reflecting its current bullish trend.
Lido’s Strong Performance Amid Ethereum ETF Approval
Lido (LDO) has shown impressive gains, particularly benefiting from the approval of Ethereum ETFs. Over the past 7 days, LDO’s price surged by more than 40%, and in the last 24 hours alone, it increased by over 11%. As of now, LDO is trading at $2.53 with a market capitalization exceeding $2.25 billion, according to CoinMarketCap.
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Interestingly, while Lido experienced significant growth, Ethereum (ETH) saw a modest 1% increase during the same period. Analysts now anticipate a bullish pattern emerging in LDO’s price chart, suggesting the potential for further gains.
World of Charts, a renowned crypto analyst, highlighted a bullish flag pattern in a recent tweet. The latest uptick in LDO’s price has positioned it near the upper boundary of this pattern. A breakout above this level could propel LDO’s price to potentially increase by nearly 250% in the coming weeks.
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Analysis of LDO’s Potential Bullish Breakout
Increased Exchange Outflows: Recent analysis indicates that LDO experienced a sharp increase in exchange outflows last week, signaling heightened buying pressure. This trend underscores investor interest in acquiring LDO, supported by exchange data showing a significant decline in its on-exchange supply while off-exchange holdings rose. Such buying pressure typically correlates with price increases, enhancing the likelihood of a bullish breakout.
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Whale Activity and Price Dynamics: On May 24th, a notable decrease in LDO holdings by top addresses suggested profit-taking by whales, potentially influencing short-term price movements.
LDOUSDT. Source: TradingView
Technical Indicators: Analyzing the daily chart, technical indicators like the Moving Average Convergence Divergence (MACD) exhibited a strong bullish trend. The Relative Strength Index (RSI) also showed a sharp increase, indicating sustained upward momentum. However, LDO’s price nearing the upper Bollinger Bands suggests a potential for price corrections, despite investor confidence in Lido remaining robust.
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Lido-DAO. Source: Santiment
Sentiment Analysis: Data from Santiment revealed a spike in LDO’s weighted sentiment on May 24th, reflecting renewed investor optimism following a previous decline.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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#LDO #LIDO #EthereumETF #Solana #Ripple $LDO $BTC $SOL
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The hype surrounding Ethereum ETFs has also had a favorable effect on Lido DAO (LDO), driving its price up considerably. In the last 24 hours alone, the cryptocurrency has recorded double-digit gains, reflecting its current bullish trend.
Lido’s Strong Performance Amid Ethereum ETF Approval
Lido (LDO) has shown impressive gains, particularly benefiting from the approval of Ethereum ETFs. Over the past 7 days, LDO’s price surged by more than 40%, and in the last 24 hours alone, it increased by over 11%. As of now, LDO is trading at $2.53 with a market capitalization exceeding $2.25 billion, according to CoinMarketCap.
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Interestingly, while Lido experienced significant growth, Ethereum (ETH) saw a modest 1% increase during the same period. Analysts now anticipate a bullish pattern emerging in LDO’s price chart, suggesting the potential for further gains.
World of Charts, a renowned crypto analyst, highlighted a bullish flag pattern in a recent tweet. The latest uptick in LDO’s price has positioned it near the upper boundary of this pattern. A breakout above this level could propel LDO’s price to potentially increase by nearly 250% in the coming weeks.
Claim $200 USD Worth of 200,000 DUNKI MUNKI Memecoins Free & Instant On WWW.DUNKIMUNKI.XYZ
Analysis of LDO’s Potential Bullish Breakout
Increased Exchange Outflows: Recent analysis indicates that LDO experienced a sharp increase in exchange outflows last week, signaling heightened buying pressure. This trend underscores investor interest in acquiring LDO, supported by exchange data showing a significant decline in its on-exchange supply while off-exchange holdings rose. Such buying pressure typically correlates with price increases, enhancing the likelihood of a bullish breakout.
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Whale Activity and Price Dynamics: On May 24th, a notable decrease in LDO holdings by top addresses suggested profit-taking by whales, potentially influencing short-term price movements.
LDOUSDT. Source: TradingView
Technical Indicators: Analyzing the daily chart, technical indicators like the Moving Average Convergence Divergence (MACD) exhibited a strong bullish trend. The Relative Strength Index (RSI) also showed a sharp increase, indicating sustained upward momentum. However, LDO’s price nearing the upper Bollinger Bands suggests a potential for price corrections, despite investor confidence in Lido remaining robust.
Claim $200 USD Worth of 200,000 DUNKI MUNKI Memecoins Free & Instant On WWW.DUNKIMUNKI.XYZ
Lido-DAO. Source: Santiment
Sentiment Analysis: Data from Santiment revealed a spike in LDO’s weighted sentiment on May 24th, reflecting renewed investor optimism following a previous decline.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
Claim $200 USD Worth of 200,000 DUNKI MUNKI Memecoins Free & Instant On WWW.DUNKIMUNKI.XYZ
#LDO #LIDO #EthereumETF #Solana #Ripple $LDO $BTC $SOL