The LSD sector continues to grow despite the volatility in the DeFi space. Lido takes the center stage with its impressive performance.
The total value locked in Lido has reached a new peak of $14.75 billion, showcasing a growth of 3.84% over the past seven days. This increase was attributed to the combined effect of token price growth and an influx of new deposits. Furthermore, Lido took the lead in net new deposits on the Ethereum Beacon Chain, with a total of 132,800 ETH deposited within the past week.However, despite this growth, there was a decline observed in Lido’s APR over the last few days.
The LDO token paralleled the protocol’s growth as its price surged materially over the last few days. With the spike in price, the MVRV ratio of the LDO token also grew. This implied that many addresses holding LDO turned profitable in the last few days.The highly profitable holders of LDO could be expected to sell their holdings in the future. Moreover, the network growth of LDO also fell during this period implying that new addresses were starting to lose interest in LDO.
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