Token Lido DAO (LDO), a decentralized finance (DeFi) protocol built on Ethereum, surged more than 25% after Binance announced it would list the token today.
#Binance will list @LidoFinance $LDO!
— Binance (@binance) May 9, 2022
The token will be available for trading in LDO/USDT, LDO/BUSD, and LDO/BTC pairs, with trading scheduled to start at 11:00 UTC. This listing marks the first time the token is being added to a major centralized exchange.
According to DeFi Llama, Lido is one of the largest staking platforms for ETH—currently holding roughly $10.15 billion in staked Ethereum—and ranks as the second-largest DeFi protocol by total value locked (TVL), which has surged past $20 billion.
Lido continues to gain traction
Lido provides staking services across multiple networks, including Ethereum, Solana, Polygon, Terra, and Kusama. Deposit channels for LDO are now open, though Binance’s policy requires new traders to wait 24 hours before executing any trades. The token listing fee was 0 BNB.
The platform has recently become a favored liquid staking option for Ethereum amid growing interest in Ethereum 2.0. However, LDO’s price experienced a notable decline after developers delayed Ethereum’s merge to the third quarter (Q3).
Rewards for ETH staked via Lido have declined somewhat as the protocol integrated support for additional assets. Still, the move toward greater decentralization and the Binance listing should reassure Lido users concerned about longer-term trends.
At the time of writing, LDO traded at $3.31, up 26.73% over the past 24 hours after retracing from an intraday high of $3.51.