Lido launched upgrade to improve its protocol. The improvements boosted LDO token performance. Lido [LDO], a protocol in the DeFi ecosystem, has observed significant improvements over the past week. Notably, the protocol took advantage of its press time growth by upgrading its technology. Today Lido contributors are proud to present Lido V2 – Lido’s largest […]
However, with Lido’s recent upgrades, the ecosystem has become more decentralized. This has provided a new level of security and stability for the network. Expectedly, the announcement has caused a positive impact on the LDO token, with daily active addresses and velocity both increasing.A spike in velocity suggested that the frequency with which LDO was being transferred has grown, and the growing MVRV ratio suggests that if a majority of holders were to sell, they would end up making a profit.
The positive Long/Short difference implied that it is mostly long-term holders who are currently profitable. These long-term holders were not as likely to sell and make a profit.However, despite these positive developments, the number of short positions against Lido increased, indicating that some traders were pessimistic about LDO’s growth. According to Coinglass, the percentage of short positions against LDO increased to 52.35%.
Nevertheless, Lido’s commitment to its growth and dominance in the DeFi ecosystem shows that the protocol is confident in its ability to continue its upward trajectory. As the DeFi ecosystem continues to evolve, Lido will be a key player, as it will provide the infrastructure for stakers, developers, and node operators.Subscribe to get it daily in your inbox.
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