{"id":373022,"date":"2023-02-02T12:26:09","date_gmt":"2023-02-02T17:26:09","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=373022"},"modified":"2023-02-02T12:26:09","modified_gmt":"2023-02-02T17:26:09","slug":"lido-price-prediction-ldo-targets-35-in-anticipation-of-the-lido-dao-proposal","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/lido-price-prediction-ldo-targets-35-in-anticipation-of-the-lido-dao-proposal","title":{"rendered":"Lido Price Prediction: LDO Targets 35% In Anticipation Of The Lido DAO Proposal"},"content":{"rendered":"

LDO, the native token for Lido Finance protocol and the ticker for the Lido DAO utility and governance token, is currently posting impressive gains after climbing 7% in the last 24 hours to $2.3.<\/span><\/p>\n

The token has also recorded a 48% increase in trading volume over the same timeframe to $178.5 million. With such an active trading activity within such a brief timeframe, LDO’s market cap surged 8% on the day to $1.95 billion, catapulting it to the #34 position on CoinMarketCap.<\/span><\/p>\n

The gains come as the liquid staking protocol<\/a> continues to record improved fundamentals while building upon the ongoing short-term recovery in the crypto market.<\/span><\/p>\n

LDO Bulls Remain Greedy Despite Criticism Against The Lido DAO Proposal<\/b><\/h2>\n

Lido Finance started the year by displacing MakerDAO as the leading decentralized finance (DeFi) protocol with the highest total value locked (TVL). Based on DefiLlama<\/span> data<\/span><\/a>, it maintains the apex spot with a live TVL of $8.56 billion.<\/span><\/p>\n

The reason for the skyrocketing TVL is not far-fetched, revolving around Ethereum’s Shanghai upgrade slated for March. The Lido DAO liquid-staking platform has recorded a surge in the number of staked deposits on its platform.<\/span><\/p>\n

LIDO DAO’s Total Value Locked<\/strong><\/p>\n

\"LIDO<\/a>
Source<\/strong>: DeFiLlama<\/em><\/figcaption><\/figure>\n

Lido DAO, the organization behind Ethereum’s liquid staking token (stETH), is working on a proposal to allow for withdrawal from stETH. The preparation comes as Ethereum’s Shanghai fork draws closer, which is also expected to deliver the same outcome- allow for the withdrawal of staked Ether.<\/span><\/p>\n

Extrinsically, the Lido DAO proposal appears to be a routine procedure while simultaneously delivering what is expected from the Shanghai hard fork. To withdraw the stETH, users must send a withdrawal request to a smart contract christened “WithdrawalQueue,” expected to reserve the amount of Ether needed to redeem and calculate the redemption rate before withdrawals are processed in the same order that they came in. <\/span><\/p>\n

According to Leeor Shimron on Twitter, the Shanghai upgrade could cause a drop in selling pressure as more tokens would be staked than withdrawn.<\/span><\/p>\n

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Opening withdrawals may lead to a higher number of tokens staked and reduce sell pressure, as it could assuage would-be stakers that their tokens are freely redeemable and no longer locked for an indeterminable amount of time<\/p>\n

— leeor.btc (@LeeorShimron) January 25, 2023<\/a><\/p><\/blockquote>\n