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DeFi Tokens Lido, Synthetix Rally as Crypto Markets Trade Sideways


decrypt.co 03 August 2022 10:57, UTC
Reading time: ~2 m

As the broader crypto market trades sideways on Wednesday morning, several decentralized finance (DeFi) tokens are outperforming the rest of the pack by a hefty margin.

These include LDO, the native token behind the liquid staking platform Lido Finance, which is up 17.6% over the day.

LDO hit a daily high of $2.45 on Tuesday night but has slipped to $2.30 by press time, per CoinMarketCap.

The token’s latest price action also comes amid the multi-million dollar Solana heist. Lido Finance announced it is “piloting a small onboarding round” to determine how easy it would be to onboard new Lido nodes to the Solana staking ecosystem.

In an effort to broaden validator onboarding opportunities in the Solana ecosystem, Lido is piloting a small onboarding round for Lido on Solana specifically for operators not currently running mainnet nodes.

For more detail: https://t.co/VAyayts9PV

— Lido (@LidoFinance) August 2, 2022

Lido is currently the second-largest DeFi project in terms of total value locked (TVL) behind MakerDAO only, with as much as $7.11 billion of user funds sitting within the protocol, per DefiLlama.

DeFi tokens take flight

SNX, which powers the synthetic-creating platform Synthetix, is following closely with a 14.2% surge in price of the day. SNX enjoyed positive price action on Tuesday too, soaring to $4.11 before backtracking to $3.89 at the time of writing, data from CoinMarketCap shows.

Other notable gainers in the DeFi space include Thorchain’s RUNE, which went up 11.1% over the past day, UNI, the token underpinning decentralized exchange Uniswap (up 8.3%), and CRV, the governance token of Curve Finance (up 10.9% over the span).

Elsewhere, Bitcoin (BTC), the industry’s benchmark cryptocurrency, is up a modest 2.2% over the day, currently changing hands at $23,345.

The price of Ethereum (ETH) jumped 5% over the same period of time, with the asset trading at $1,657 by press time.

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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