Key Insights:
LDO price skyrocketed more than 6% on Thursday.
This followed Robinhood listing Lido DAO (LDO) token.
The crypto community reacts to addition of DeFi liquid staking giant.
Robinhood Crypto on Thursday said it has listed the liquid staking platform Lido DAO’s native token LDO.
This marks a major milestone as the platform listed the token amid rising demand for decentralized finance (DeFi) and TradFi’s growing crypto adoption.
Robinhood Unveils Listing of Lido DAO (LDO)
In an X post on December 18, commission-free trading platform Robinhood announced a listing of Lido DAO (LDO) on the Robinhood app for United States customers.
LDO listing on Robinhood will expand the reach beyond crypto exchanges amid rising interest in liquid staking and DeFi.
Users can buy, sell, and hold LDO directly on the platform, which could trigger a short-term surge in trading volume. This also boosts the token’s liquidity, which becomes crucial amid recent price crashes.
As The Coin Republic reported earlier, Robinhood listings have historically sparked major spikes in token volume, as seen Hyperliquid (HYPE) and Binance Coin (BNB).
Lido’s Dominance in Liquid Staking
Lido DAO is the leading liquid staking protocol, primarily providing liquid staking derivatives such as stETH for multi-chain ecosystems including Ethereum, Polygon, Solana, and others.
It currently holds about 30% of the Ethereum staking market share and is a core infrastructure in the DeFi ecosystem with a TVL of $25 billion, as per DeFillama.
The team consists of multiple seasoned developers, backed by top institutions like Paradigm and Dragonfly, with reasonable valuations in early funding rounds.
Its current FDV is around $1 billion, positioning it in an absolute leading position in the liquid staking. It forms a complementary ecosystem with restaking protocols like EigenLayer.
LDO Price Jumps Over 6%
LDO price jumped after the announcement, extending the rebound to more than 6% as traders responded immediately. At the time of writing, the price was trading at $0.5402.
The 24-hour low and high were $0.5055 and $0.5689, respectively. Furthermore, the trading volume fell by 2% in the last few hours, indicating a slight drop in interest among traders.
The market cap has surpassed $482 million after a surge over the last few hours. However, the price was trading below the 50-SMA at $0.68 on the daily chart.
Whereas, the Relative Strength Index (RSI) rises to 37, signaling potential for further upside move. The price jumped over the 50-MA on the 1-hour timeframe.
Derivatives markets show buying activity in the last few hours, as per CoinGlass data. At the time of writing, the total LDO futures open interest jumped nearly 5% to $59.47 million in the last 4 hours.
The 4-hour LDO futures open interest on Binance, OKX, and Bybit climbed over 6%, 3%, and 7%, respectively. This signals bullish sentiment among derivatives traders, but traders need to keep an eye on sudden swings.
