DeFi

Lido Gets 6 Institutions, Including Paradigm Trust With Diamond Hands

Key Points:

An on-chain analyst counted the LDO changes of Lido investment institutions.
Institutions that have never sold LDOs include Paradigm, Certus One, The LAO, Digital Currency Group, Dragonfly Capital, and DeFiance Capital.
LDO has been hit by recent bad news, but it still plays an important role in the Ethereum ecosystem.

Lido, with the recent disadvantage created by the US authorities, has caused the price of LDO to plummet despite the strong movements of the crypto market. However, in general, there are still big investors who believe in it.

In a tweet posted by on-chain analyst @BitcoinEmber on Twitter, we can clearly see the metrics he collects. It’s surprising that leading Lido institutions like Paradigm and DGC are still diamond hands.

Institutions that have never sold LDOs include Paradigm, Certus One, The LAO, Digital Currency Group, Dragonfly Capital, and DeFiance Capital. In addition, the institutions that have cleared LDOs from their investment portfolio are Terraform Labs, Aave founder Stani Kulechov, and ParaFi Capital.

Lido Finance’s total value locked (TVL) has increased significantly in preparation for the Shanghai Capella Upgrade on the Ethereum mainnet in April 2023, as ETH stakers anticipate the freeing of previously locked ETH tokens.

But, reports are spreading that the SEC has given a Wells notice to Lido decentralized bet and all DeFi and DEX initiatives, according to the person who has a voice on cryptocurrencies David Hoffman. Because of the public’s anxiety about this news, the LDO price decreased by more than 10% at the time.

Moreover, according to a proposal published on the forum on March 8, Lido’s governance voted to halt liquid staking on the Polkadot and Kusama systems.

The decision was made public when MixBytes discontinued technical support for Lido on Polkadot and Kusama on August 1, 2023.

Yet, it remains an essential aspect of the Ethereum ecosystem for the time being, as indicated by Lido’s 30% share of the ETH staking market in the first two months of the year.

At the time of writing, LDO is trading at $2.426.

LDO price chart. Source: CoinMarketCap

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.