The price of Lido DAO has skyrocketed, and the protocol has surpassed MakerDAO to take the top spot in TVL. But is it on the verge of a price drop?
Lido DAO (LDO) was one of the top gainers on Monday, jumping nearly 16%. It is a liquidity-providing solution that rewards users for staking if they lock their assets with the protocol.
The Lido Decentralized Autonomous Organization (DAO) makes important decisions by polling LDO token holders.
According to DefiLlama data, Lido DAO has dethroned MakerDAO as the leader in Total Value Locked (TVL). The combined TVL of all protocols is $39.02 billion, with Lido DAO controlling 15.35%. It has a TVL of nearly $6 billion, while MakerDAO is not far behind with a TVL of $5.94 billion. Aave is ranked third, with a TVL of $3.74 billion.
Users have staked over $5.89 billion in Ethereum, $26.28 million in Solana, and $45.66 million in Polygon, according to the official website. Users have also invested nearly $11 million in Polkadot and $2.26 million in Kusama.
Following Monday’s price increase, an LDO whale 0x1f38 transferred 300,000 tokens to 0x0287. The whale previously transferred the Lido DAO tokens to Binance using 0x0287 wallets. They have not yet transferred the recent 300,000 tokens to an exchange, but will they?
The whale, according to Lookonchain, frequently sells when the price is high. Since January 2022, the wallet selling LDO has held over 14.4 million tokens. Is a dump on the way?