Lido (LDO) Bulls Lock Horns For Rally This Week Ahead Of V2 Update
May 15 2023 - 6:15PM
NEWSBTC
May 15th marks a new dawn for the Ethereum liquid staking protocol,
Lido Finance, as it seeks to launch the highly anticipated V2
update on its platform. According to Lido contributors, the V2
update is its biggest platform update yet and a step in the right
direction toward further decentralization in the blockchain
industry. The update aims to enhance the user staking experience
on Lido Finance protocol by introducing two new features
which achieve this purpose. Related Reading: PEPE Outperforms
Bitcoin In Social Media Buzz, Triggers Bullish Run For Frog Coin
LDO, the official native token of the Lido finance protocol and
liquid staking platform, is seen to soar in price in today’s
trading session as bulls gear up in response to the incoming
update. What Is The Lido Finance Protocol V2 Update Earlier in
February 2023, an official Lido Finance announcement release
introduced a V2 update proposal that brings unique enhancement
features to its Ethereum liquid staking platform. Today Lido
contributors are proud to present Lido V2 – Lido’s largest upgrade
to date and an important step towards further decentralization.
https://t.co/SDxlxCgMNq pic.twitter.com/KJewhEp8rV — Lido
(@LidoFinance) February 7, 2023 Fast forward to May, the team
scheduled a final on-chain voting process for its V2 update
proposal to take place from the 12th-15th following the success of
the Ethereum Shapella upgrade in April. According to a tweet from
Lido’s official handle, if the vote on the proposal passes and is
successful, the V2 update will go live on May 15th, which is today,
and support direct in-protocol stETH: ETH withdrawals and staking
router architecture. So far, the V2 update proposal has been
approved as it got the required approval and support rating needed
for the update. 👀 https://t.co/GMrXGuLIdT
pic.twitter.com/4wfk6zgJbM — Lido (@LidoFinance) May 15, 2023 The
V2 update on the biggest liquid staking platform brings two new
core platform features, including a Staking Router and a Withdrawal
feature. The Staking Router feature on the V2 update promotes a
diverse and decentralized ecosystem of validators by allowing the
admission of new node operators. Using a new modular architectural
design and framework, the V2 Staking Router enables anyone to
develop on-ramps for node operators ranging from Distributed
Validator Technology (DVT), solo stakers, and Distributed
Autonomous Organizations (DAOs). The second feature on the update,
withdrawals, will be a game changer for Lido Finance as it enables
stakers on the platform who hold stETH to have access to
withdrawals at a 1:1 ratio. LDO Daily Chart Analysis Data reports
from Coinmarketcap see the native token of the biggest liquid
staking platform, LDO, trading at $2.12, a 9.58% increase in the
last 24 hours. LDO market capitalization has also increased by
9.43% at the time of writing. LDO opened with a bullish candle on
the daily timeframe and is among the top three gainers in the
cryptocurrency markets today. Related Reading: Dogecoin Sees
Highest Transactions Count Ever Due DRC20 Madness LDO trades at the
strong resistance area at $2.12, with bulls looking to break that
level for more upside movements. However, if bulls fail to break
that critical area, the asset could experience a retracement in
price and trade lower. This resistance line and 50 EMA at $2.13 are
major hurdles the asset must break to experience a rally.
Lido (LDO) bulls take charge on the daily timeframe but faces key
resistance level | Source: LDOUSD on TradingView.com
Featured image from Istock, chart from TradingView.com
stETH (COIN:STETHUSD)
Historical Stock Chart
From Jul 2024 to Aug 2024
stETH (COIN:STETHUSD)
Historical Stock Chart
From Aug 2023 to Aug 2024