- Lido’s new onboarding round included improving client diversity, reducing the overall footprint of NOs, etc.
- LDO’s supply outside of exchanges increased, but market indicators were bearish.
After the launch of Lido V2, Lido [LDO] has recently launched a new program to expand the node operator set. The Lido Node Operator Subgovernance Group (LNOSG) has suggested to the DAO that an onboarding round take place for the Lido on Ethereum [ETH] protocol.
Following the launch of Lido V2, the Lido Node Operator Sub-Governance Group (LNOSG) has suggested a new onboarding round for the Lido on Ethereum protocol.https://t.co/hvQRdMFvRf
— Lido (@LidoFinance) June 12, 2023
Read Lido DAO’s [LDO] Price Prediction 2023-24
A-Z of Lido’s new round
The primary motive of Lido behind this onboarding round included improving client diversity, reducing the overall footprint of node operators (NOs) using the public cloud as their primary server location, and increasing the presence of NOs outside of the US and Europe.
For this onboarding round, the LNOSG has proposed a two-part approach, with the initial evaluation being restricted to return-applicant node operators from recent rounds who scored highly in previous Lido on Ethereum LNOSG evaluations.
Lido in leading on Beacon Chain
Lido’s recent tweet revealed that it was the leader in net deposits to Beacon Chain with over 112,000 ETH. It was also mentioned that despite the current turbulent crypto market conditions, stETH/ETH remained stable. However, a concern was a decline in the 7-day moving average for stETH APR, as it went down by over 4%.
📈 Lido Analytics: June 5 – 12, 2023
TLDR:
– TVL fell 6.16% due to sharp token price drop, closing the week at $12.7b.
– Lido led in net deposits to Beacon Chain with 112.5k ETH.
– stETH/ETH remained stable despite market turbulence.
– Lido on L2 grew by +5.58% to 97,704 wstETH.— Lido (@LidoFinance) June 12, 2023
Investors had a rough week
Thanks to the bearish market condition, LDO’s price registered a considerable decline last week. According to CoinMarketCap, LDO’s value declined by over 19% in the past seven days, and at press time, it was trading at $1.80 with a market cap of $1.5 billion.
It was interesting to see that despite the price drop, investors accumulated LDO.
The token’s supply on exchanges declined last week, while its supply outside of exchanges increased. Its total number of holders also went up slightly, which is a positive signal.
However, LDO’s network growth moved southward. This indicated that fewer new addresses were created to transfer the token.
Source: Santiment
Realistic or not, here’s LDO market cap in BTC‘s terms
Going forward
A look at LDO’s daily chart suggested that investors might have to endure more days of hardship as most of the indicators supported the bears. For instance, the Exponential Moving Average (EMA) Ribbon displayed a bearish crossover. LDO’s Chaikin Money Flow (CMF) registered a downtick.
Additionally, its Money Flow Index (MFI was heading towards the oversold zone at the time of writing. Therefore, the possibility of Lido’s price plummeting further seemed likely.
Source: TradingView
