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Staking Tool Lido DAO's Token Climbs Ahead of Binance Listing
LDO jumped 27% in 24 hours, with most of the gain coming in the Asian morning.
Updated May 11, 2023, 5:25 p.m. Published May 9, 2022, 10:09 a.m.
LDO, the governance token of Lido decentralized autonomous organization (DAO), surged during Asia's morning after crypto exchange Binance said it will list the token later Monday.
- LDO jumped to as high as $3.37 from $2.65 Sunday, a 27% increase in the past 24 hours, CoinGecko data show.
#Binance will list @LidoFinance $LDO!
— Binance (@binance) May 9, 2022
STORY CONTINUES BELOW
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- Lido Finance is a staking system provider that provides services for Ethereum 2.0, Terra, Solana and Kusama. Users who stake with Lido are able to maintain the control and liquidity of their staked tokens.
- Lido is the second-largest decentralized finance (DeFi) platform, with over $15 billion in locked value, data shows. About $10 billion is on Ethereum, and $5 billion on Terra.
- LDO is the governance token of Lido DAO, allowing its holders to take part in community voting and other decisions for the protocol’s future.
- The token will be initially listed against bitcoin (BTC), binance USD (BUSD), and tether (USDT) at 11:00 UTC.
- LDO remains 53% below all-time highs of $7.30 from last August. The token has an overall market capitalization of $1.15 billion at writing time.
UPDATE (May 9, 10:15 UTC): Changes to first paragraph to read Lido DAO instead of Lido Finance.
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