The under-the-radar token of a decentralized autonomous organization (DAO) is surging this week, more than doubling its value.
The native token of Lido DAO (LDO) has skyrocketed from a seven-day low of $0.58 to a high of $1.25, marking an increase of 115.52% in just one week.
The 85th-ranked crypto asset by market cap has retraced since and is now changing hands for $1.08.
Lido DAO is designed to build liquid staking services for different blockchains. It allows participants to earn staking awards without having to lock any assets or maintain any kind of staking infrastructure. LDO can be used for collateral, lending, staking and yield farming.
The project also has about $5.28 billion in total value locked (TVL). The TVL of a decentralized finance (DeFi) protocol represents the total capital held within its smart contracts. TVL is calculated by multiplying the amount of collateral locked into the network by the current value of the assets.
Additionally, crypto analytics firm IntoTheBlock notes retail interest in Lido is rising.
“Retail Interest in Lido Finance is climbing. Retail holdings of LDO recently reached an all-time, with its price up 70% in the last week.”
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Elena Abrazhevich/INelson
The post Under-the-Radar Altcoin Surges More Than 115% in Seven Days, Defying the Crypto Market Doldrums appeared first on The Daily Hodl.