Lido DAO has outperformed the broader crypto market in a week. But why?
). However, LDO has greatly outperformed the broader crypto market that's up only 4.5% since May 12.But what are the reasons why Lido DAO is outperforming the rest of the cryptocurrency market right now? Let's take a closer look at the three biggest factors likely driving up LDO price.The LDO price recovery coincides with the net positive inflows intoLido DAO is primarily an Ethereum liquid staking platform.
For instance, the net ETH staked with its PoS contract were 19.27 million ETH on April 11, a day before the Shapella upgrade. The number fell to 90,704 a week later, followed by a consistent recovery, according to data tracked by Nansen.As of May 16, the Ethereum PoS contract had over 20 million ETH, underscoring the growing demand for liquid staking service providers like Lido DAO. The price of its governance token LDO likely benefited from the narrative.
For instance, Lido DAO's nearest competitor, RocketPool , has also soared 15% to around $50 when measured from its May 12 low.It should be noted that Lido DAO did not support full ETH withdrawals. Instead, it issued staked Ethereum , theoretically pegged to ETH by 1:1, to users that could be exchanged freely for other crypto assets across exchanges.," which enables Ethereum stakers to burn their stETH and exit the protocol at a 1:1 ratio.
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