LDO: The sharks are impressed.The whales? Not so much.
Lido Finance kicked off the 2023 trading year by displacing MakerDAO as the decentralized finance (DeFi) protocol with the highest total value locked (TVL). Still maintaining its spot, its TVL currently sits at $8.22 billion, per data from DefiLlama.
The reason for the rally in TVL is not far-fetched. With the Shanghai upgrade scheduled to take place before the close of Q1, 2023, the liquid-staking platform has witnessed a surge in the number of staked deposits on its platform.
Further, the growth in user activity on Lido Finance has contributed to a rally in the value of its native token LDO. On a year-to-date basis, LDO's price has gone up by 163%.
Interestingly, while the LDO addresses that hold between 100 and 1,000,000 LDO tokens have spent the last month accumulating the altcoin, holders of 1,000,000 to 100,000,000 LDO tokens gradually let go of their holdings.
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