Daily Top Mover — Lido DAO (LDO)
Major U.S. equity indices rebounded briefly before market close last Friday, rounding off the day with slight decreases. Looking forward, the first trading week of 2023 features the highly-anticipated December job reports coming Friday, with the spotlight shining on the unemployment rate and labor participation ratio. Meanwhile, the broader cryptocurrency market mildly rebounded over the weekend, and the momentum continues into the new week, with Bitcoin and Ether up 0.52% and 1.14%, respectively, in the past 24 hours. The top mover for today, LDO, which registered a 24-hour return of 13.96% as of the time of writing, has outperformed the market as it takes over from MakerDAO as the largest DeFi protocol in terms of TVL.
LDO is the native token of Lido DAO, the largest liquid staking service provider on the Ethereum network. The high staking rewards offered by Lido, currently at ,4.4%,, have attracted Ethereum users to park their capital on the protocol. The recent developer updates from Ethereum Foundation boost investors' interests in ETH liquid staking as the Shanghai Upgrade is scheduled in ,March 2023,, enabling withdrawal of staked ETH thereafter.
Thanks to Ethereum's efforts on the network upgrade, LDO's overall TVL has shrunk less than its competitors of late, surpassing MakerDAO as the largest DeFi protocol in terms of TVL. Zooming in, the outperformance of Lido is mainly attributed to the surge in TVL on Ethereum Layer 2s, Arbitrum and Optimism, as Lido actively expands its liquid staking services outside the mainnet. That said, Lido's market share in the liquid staking space has been receding continuously as Coinbase and Rocket Pool gain traction, however, its dominance stands at ,73.7%, and remains unrivaled.
Check Out the Latest Prices, Charts, and Data for ,LDO/USDT,!
Talk of the Town
Last Thursday, FTX Japan released a statement on Twitter announcing details to return customers' assets. The less than six month old Japanese company revealed that they are currently developing systems to enable customers to withdraw their assets via Liquid Japan. The company plans to carry this process out in 3 steps, the first is for all customers to open accounts with Liquid Japan, the second would be going through balance checks, and finally the last step would be to enable the withdrawals in mid-February.
Check out what else is buzzing in the crypto scene today:
Bahamian Regulators have custody of $3.5 billion of FTX deposits. (,Link,)
Solana rallied after Vitalik praised its developer community. (,Link,)
Valkyrie announces plan to sponsor Grayscale Bitcoin Trust. (,Link,)
Binance.US's deal with Voyager is under scrutiny by the Federal Committee. (,Link,)
The UK enforces crypto tax breaks for foreigners using local brokers. (,Link,),,BlackRock gives bankrupt Bitcoin miner Core Scientific a new $17M Loan. (,Link,)
Source: Bybit Blog
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