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Staking Tool Lido DAO's Token Climbs Ahead of Binance Listing

LDO jumped 27% in 24 hours, with most of the gain coming in the Asian morning.

By Shaurya Malwa
Updated May 11, 2023, 5:25 p.m. Published May 9, 2022, 10:09 a.m.
Binance will list the LDO token. (Dylan Calluy/Unsplash)
Binance will list the LDO token. (Dylan Calluy/Unsplash)

LDO, the governance token of Lido decentralized autonomous organization (DAO), surged during Asia's morning after crypto exchange Binance said it will list the token later Monday.

  • LDO jumped to as high as $3.37 from $2.65 Sunday, a 27% increase in the past 24 hours, CoinGecko data show.
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  • Lido Finance is a staking system provider that provides services for Ethereum 2.0, Terra, Solana and Kusama. Users who stake with Lido are able to maintain the control and liquidity of their staked tokens.
  • Lido is the second-largest decentralized finance (DeFi) platform, with over $15 billion in locked value, data shows. About $10 billion is on Ethereum, and $5 billion on Terra.
  • LDO is the governance token of Lido DAO, allowing its holders to take part in community voting and other decisions for the protocol’s future.
  • The token will be initially listed against bitcoin (BTC), binance USD (BUSD), and tether (USDT) at 11:00 UTC.
  • LDO remains 53% below all-time highs of $7.30 from last August. The token has an overall market capitalization of $1.15 billion at writing time.

UPDATE (May 9, 10:15 UTC): Changes to first paragraph to read Lido DAO instead of Lido Finance.

StakingEthereumLido
Shaurya Malwa

Shaurya is the Co-Leader of the CoinDesk tokens and data team in Asia with a focus on crypto derivatives, DeFi, market microstructure, and protocol analysis.

Shaurya holds over $1,000 in BTC, ETH, SOL, AVAX, SUSHI, CRV, NEAR, YFI, YFII, SHIB, DOGE, USDT, USDC, BNB, MANA, MLN, LINK, XMR, ALGO, VET, CAKE, AAVE, COMP, ROOK, TRX, SNX, RUNE, FTM, ZIL, KSM, ENJ, CKB, JOE, GHST, PERP, BTRFLY, OHM, BANANA, ROME, BURGER, SPIRIT, and ORCA.

He provides over $1,000 to liquidity pools on Compound, Curve, SushiSwap, PancakeSwap, BurgerSwap, Orca, AnySwap, SpiritSwap, Rook Protocol, Yearn Finance, Synthetix, Harvest, Redacted Cartel, OlympusDAO, Rome, Trader Joe, and SUN.

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Shaurya Malwa