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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    Base claims top 3 spot in 30-day NFT volume: DappRadar

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    floor down up to 18% in the last week (week ended August 26, 2023), volumes still robust

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    Blue chip NFTs sink double digits as ETH retreats from record highs

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Home Altcoins

Lido’s daily users rise 718% in 3 months: Will this help LDO’s growth?

February 6, 2024
in Altcoins
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Lido’s daily users rise 718% in 3 months: Will this help LDO’s growth?
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  • Activity on Lido continued to surge amidst market volatility.
  • Interest in stETH and LDO tokens declined.

Lido [LDO] has maintained its dominance in the DeFi sector for quite some time. Despite securing the top spot in the DeFi sector, the growth of the Lido protocol showed no signs of stagnation.

Growing on all fronts

Lido’s growth was underscored by a significant surge in the number of daily active addresses within the network.

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Recent data revealed a 718% increase in daily active users on Lido over the past three months, highlighting the substantial expansion and engagement within the platform.

Lido pulled a crazy growth in Daily Active Users in the Past 3 Months… +718% pic.twitter.com/o9Q0DQ44wq

— hitesh.eth (@hmalviya9) February 5, 2024

With this surge in activity, the Lido protocol experienced a substantial 40.9% increase in generated revenue over the past 90 days.

The revenue growth not only indicated the platform’s economic resilience but also suggested a positive correlation between user activity and the financial success of the protocol.

The surge in network activity can be attributed, in part, to the significant decline in Average Fees per User (AFPU) on the Lido network.

According to data from Token Terminal, over the last month, the AFPU witnessed an 88% decrease.

This decline in fees indicates a more cost-effective environment for users, potentially attracting a broader audience and encouraging increased participation.

The reduced financial burden on users coupled with interest in staking may have contributed to Lido’s recent growth.


Source: Token Terminal

Surge in development

The Lido network also experienced an uptick in development activity.

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According to AMBCrypto’s analysis of Token Terminal’s data, the number of core developers actively contributing to Lido witnessed a substantial 18% increase over the past week.

Simultaneously, the protocol demonstrated a significant surge in code commits, marking a remarkable 54.5% rise during the same period.

This surge in development activity signifies a positive momentum within the Lido ecosystem.

Such developments often translate into improved protocol stability, security, and the potential introduction of new features.


Source: Token Terminal

State of the tokens

Lido’s popularity and success were primarily driven by the increasing demand for stETH, a token enabling users to stake their Ethereum [ETH].

Nevertheless, certain indicators pointed to challenges for stETH, notably reflected in its declining network growth. A diminishing network growth implies waning interest from new users in the token.

Should this trend persist, there could be adverse effects on the protocol, potentially impacting its overall performance and user engagement negatively.


Source: Santiment

However, things can change for stETH soon. Recently, through the help of multiple collaborations, Lido was able to bring the wrapped version of stETH to Binance [BNB].

This can help stETH see more adoption going forward.

The @LidoFinance DAO vote is complete + it wasn’t close.

A proposal by @axl_foundation + @wormholecrypto is approved to bring Liquid Staked ETH (wstETH) to @BNBCHAIN 🦾

It initially connects only @BNBCHAIN, but in future can support other EVM chains.

Here’s what it means 🧵 👇 pic.twitter.com/hZyw5wZ3xX

— Axelar Network (@axelarnetwork) January 25, 2024


Realistic or not, here’s LDO’s market cap in BTC’s terms


Coming to the LDO token, it was seen that it was trading at $2.74 and its price had fallen by 15.64% over the last month. The percentage of large addresses holding the token had also declined.

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This suggested that whale interest in the LDO token had dwindled over the last few days.


Source: Santiment

Next: Litecoin (LTC) and Solana (SOL) holders are going crazy over this new token

Tags: DailyGrowthLDOsLidosmonthsriseUsers

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