According to CryptoPotato, a recent Nansen report revealed that Stride, a protocol based on the Cosmos ecosystem, currently holds more than 80% of the market share within the ecosystem. Despite the ongoing bearish trend in the market, Stride's governance token, STRD, has seen a 330% increase year-to-date, surpassing both Ethereum (ETH) and Lido's native token (LDO) in YTD price performance. Lido is a leader in the Liquid Staking Derivatives (LSD) space and a rival to Stride.

The report showed that STRD has a market cap of around $72.29 million and an FDV of $82.58 million, resulting in an FDV/TVL ratio of just 2.1. Nansen's analysis suggested that STRD may be undervalued, considering its real yield revenues towards STRD stakers, new value capture mechanisms through transaction fees and MEV, and other near-term catalysts that increase Stride's addressable market to billions of untapped markets.

The token's surge can be attributed to the recently launched Liquid Staking Module, which allowed ATOM stakers to instantly liquid-stake their ATOM without any bonding periods. Since its launch, the number of ATOM tokens liquid staked through the protocol has increased by almost 30% in just over two weeks. Additionally, the total value locked (TVL) in Stride has experienced significant growth this year, particularly since the launch of the liquid staking module on the Cosmos Hub. Data from DeFiLama shows that Stride currently has a TVL of $36.94 million, with staked ATOM accounting for nearly 80% of these tokens.