DeFi staking protocol Lido DAO (LDO) has just experienced its largest network transaction in two years, according to a report by Santiment.
The popular on-chain analytics firm states that on May 5, $135 million worth of LDO tokens were transferred from one self-custody wallet to another.
According to Santiment, 70 million LDO tokens were moved in this transaction, marking the network’s biggest coin transfer since June 2021 and its eighth-largest transfer of all time.
Lido DAO is the most prominent liquid staking platform allowing users to effortlessly participate in staking on several PoS networks, including Ethereum (ETH), Polygon (MATIC), Polkadot (DOT), Solana (SOL), and Kusama (KSM).
That said, the LDO whale transaction that occurred earlier today may have drawn much attention to the network; however, this is yet to elicit any positive price effect on the token.
According to data by Coingecko, LDO is currently trading at $1.85, recording a 0.34% decline in the last 24 hours – and an 11.7% cumulative loss in the past week. Additionally, the token’s daily trading volume is down by 47.26% to a value of $31.95 million.
However, this current bearish form does not taint what has been a remarkable year for the Lido protocol.
LDO trading at $1.863 | Source: LDOUSD Chart on Tradingview.com
Lido’s Impressive Year So Far
Following the Merge of the Ethereum network last year, liquid staking protocols such as Lido became a focal point of investors’ interest. Moreover, this traction was further fueled by the anticipation of the Shanghai/Capella upgrade, which just occurred last month.
Riding on the massive hype surrounding its network, Lido DAO recorded staggering gains in its Total Value Locked(TVL), displacing the MakerDAO – creator of the DAI stablecoin and first-ever successful DeFi project – as the biggest DeFi protocol in the crypto space.
Data from Defillama shows that the amount of staked ETH on Lido rose from 4.84 million ETH on January 2 2022, to its current figure of 6.33 million ETH, representing a total value of $12.15 billion.
In fact, total investment in Lido from all of its five supported blockchains has grown by over 108% since the beginning of the year, allowing the liquid-staking platform to gain a 28% market dominance in the DeFi space.
That said, considering the latest partnership moves by its developer team, Lido could be set for more gains in the future.
OKX Wallet Integrates With Lido
Earlier today, OKX announced the integration of Lido with its OKX wallet web extension allowing users to directly assess Lido’s staking service by visiting the platform’s official website via the “Discover” module on the wallet.
This integration represents good news for Lido DAO with the prospect of many new users as OKX ranks as the second biggest crypto exchange with over 50 million customers worldwide. In addition to Lido, the OKX wallet offers access to 100+ DeFi protocols, including Aave, Curve, Sushiswap etc.
That said, similar integrations with established centralized exchanges in the future could well result in Lido increasing its dominance in the DeFi space.
-Featured Image: The Market Periodical, chart from Tradingview