The crypto market is full of outliers, and the one garnering the most attention is the decentralized staking protocol, Lido Finance. The protocol’s native token surged 225% in September, showing growing interest in the decentralized finance (DeFi) ecosystem.
Ethereum’s Darling
According to a recent report from Kaiko, the LDO token has skyrocketed a staggering 225% in September alone, with its TVL up 30% in the same period. This is despite a broader market downtrend that has seen the emerging industry struggle within the $890 billion to $960 billion value range.
Lido Finance offers liquid staking, which is a variant of the regular cryptocurrency staking strategy. Instead of locking up investors’ tokens for a long time, Lido Finance enables investors to use the minted tokens to engage in more financial transactions across the crypto space.
This way, investors can generate even more passive income than the staking rewards they enjoy from securing a proof-of-stake (PoS) network.
Lido supports staking across five top PoS blockchains, including Ethereum, Polygon, Polkadot, Kusama, and Solana. Of the five, Ethereum staking is among the highest, with nearly $6 billion in total value locked (TVL).
Given the successful transition of the Ethereum network from proof-of-work (PoW) to PoS, the Lido Finance token, LDO has enjoyed a meteoric rise.
Ethereum Takes the Staking Throne Once More
Ethereum’s success in moving its operation to its Beacon Chain has yielded more results than expected. Before the smart contract protocol supporting staking, it stood outside the top five most locked tokens on the global staking ranks. Now, the tides have changed.
According to the staking aggregator website, StakingRewards, Ethereum has since taken over the top spot as the most staked proof of stake coin in the booming DeFi ecosystem. The native token, Ether, has since seen its staking ratio shoot up by 12.01%, with the digital asset’s market cap at $20.1 billion.
IBAT Staking Gaining Investors’ Attention
Staking is the new hot trend, and several projects offer investors the option as they build out their portfolios. Another project that has keyed into this passive income-generating tool is the play-to-earn (P2E) decentralized network, Battle Infinity.
The fantasy sports protocol recently confirmed the launch of its staking service on September 24 and has generated a lot of interest. According to a tweet, the IBAT Battle Stake is now live, and investors can lock up their IBAT tokens on this website.
Users can select flexible or locked staking and be rewarded with 12% in annual yield (APY) for pledging their IBAT coins.
Now is the time!
The staking is now live and you can stake your $IBAT by visiting https://t.co/709984B92P
Read here for more info: https://t.co/aguwqVhm8c
Types of staking: Flexible Staking and locked staking.
Note – 8000 $IBAT is minimum to stake. pic.twitter.com/aMC2AuR5v4
— Battle Infinity (@IBATOFFICIAL) September 24, 2022
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This article was written for Business 2 Community by Jimmy Aki.
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