- Lido Finance has been averaging 13,000 users monthly.
- LDO has maintained $2 despite slight losses.
Lido Finance [LDO] is renowned for being a popular staking platform, with its Ethereum [ETH] staking option being particularly widespread. As per a tweet on the 5th of November by Token Terminal, Lido Finance has been averaging more than 13,000 active users each month.
📊@LidoFinance sees ~13k unique depositors on a monthly basis pic.twitter.com/w5Jev5i4cY
— Token Terminal (@tokenterminal) November 5, 2023
As of press time, this number had crossed 14,000. So, what has been the impact on network fees?
Is your portfolio green? Check out the LIDO Profit Calculator
Lido Finance sees double-digit monthly users
As per AMBCrypto’s analysis of the fee chart on DefiLlama, despite the above numbers, there has not been a significant spike in the DeFi protocol’s fees of late.
Most of the notable spikes occurred between March and May this year, in the lead-up to and following the activation of ETH withdrawals. During these spikes, fees on the Lido Finance network reached over $3 million.
As of press time, the fees had exceeded $1.7 million.
Source: DefiLlama
Furthermore, an examination of the Total Value Locked (TVL) chart on the network showed increased activity. Between October and November, the TVL had surged by over $2 billion. Also, as of this writing, the figure was over $16.8 billion.
While the price of its token, LDO, could contribute to the growing TVL, user activity played a significant role as well.
LDO loses grounds on gains
AMBCrypto’s analysis of the daily timeframe chart indicated that LDO concluded the previous week on a positive note. The week ended with a 2% increase in value, and LDO was trading above $2.
Source: TradingView
How much are 1,10,100 LDOs worth today?
However, the new week began with a slight loss, which persisted as of press time, with a minor loss of less than 1%. But despite these recent setbacks, trend lines suggested that LDO was in a bullish trend.
Additionally, both the short and long Moving Averages (yellow and blue lines) were acting as support at different price levels at the time of publication.
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