Ethereum

zkSync

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/lido-expands-liquidity-and-use-cases-on-zksync-with-ethereum-staking/" data-wpel-link="internal">Lido Expands Liquidity and Use Cases on zkSync with Ethereum Staking</a><br></p>
<p style="text-align: justify">In a move aimed at expanding liquidity and use cases, Lido (LDO) announced on January 17 that it had begun staking <a href="https://en.coin-turk.com/is-the-favorite-altcoin-eyeing-new-rises/" data-wpel-link="internal">Ethereum</a> (ETH) on the L2 platform zkSync. This strategic move not only signifies Lido’s commitment to the development of the Ethereum staking environment but also aims to address concerns about the platform’s dominance. So, what levels did the price reach after the move?</p> 
<h2 style="text-align: justify" id="lido-s-dominance-in-the-ethereum-staking-space">Lido’s Dominance in the Ethereum Staking Space</h2> 
<p style="text-align: justify">An analysis of Dune Analytics data reveals a significant increase in the total amount of staked Ethereum, reaching approximately 29 million. Despite the recent Shanghai update that allows ETH withdrawals, the total staked amount has continued to grow, now constituting more than 24% of the total supply.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-304542 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/01/lido-cointurk.png" alt="" width="1919" height="766"></p> 
<p style="text-align: justify">The altcoin Lido emerges as a dominant player, holding more than 32% of the staked ETH, leaving competitors behind with an impressive figure of over 9 million ETH.</p> 
<h2 style="text-align: justify" id="challenges-amidst-growth-new-ethereum-investments-decline">Challenges Amidst Growth: New Ethereum Investments Decline</h2> 
<p style="text-align: justify">Although Lido’s dominance in the staking arena is clear, a recent examination of new Ethereum deposits has shown a noticeable decline in volumes.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-304540 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/01/glassnode-ethereum-cointurk.png" alt="" width="1800" height="1013"></p> 
<p style="text-align: justify">Despite the increase in deposit transactions observed in the past, the current trend reflects a decrease in new ETH deposits, with the figure showing approximately 62,000 ETH at the time of writing.</p> 
<h2 style="text-align: justify" id="price-trends-reflect-fluctuations">Price Trends Reflect Fluctuations</h2> 
<p style="text-align: justify">The cryptocurrency Lido’s price rose from around $2 on December 20 to $4.02 on January 11, followed by a decline. The current price of the altcoin Lido is around $3.02, a drop of about 5%. Despite remaining in the bull zone, continuous declines could potentially lead to an exit from this area.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-304539 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/01/ldo-usdt-cointurk.png" alt="" width="1564" height="798"></p> 
<p style="text-align: justify">While expanding its staked ETH to zkSync, the cryptocurrency Lido positions itself for more liquidity and utility. However, the challenges posed by decreasing new deposits and fluctuating price trends underline the need for caution in a dynamic market environment.</p> 
<p style="text-align: justify">Although the dominance of the altcoin Lido is noteworthy, strategic adaptability is required to address concerns and maintain its position in the evolving Ethereum staking landscape. Investors and crypto enthusiasts will closely watch how Lido overcomes these challenges and shapes its trajectory in the coming weeks.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/lido-expands-liquidity-and-use-cases-on-zksync-with-ethereum-staking/" data-wpel-link="internal">Lido Expands Liquidity and Use Cases on zkSync with Ethereum Staking</a></h5>

Lido Expands Liquidity and Use Cases on zkSync with Ethereum Staking

Table of Contents

COINTURK NEWS

Other articles published on Jan 19, 2024

XcelPay Wallet Partners with Xecret.io to Enhance Crypto Security

Saga increases airdrop incentives for games on crypto platforms

Trader Uses Banana Gun Sniping Bot To Make $7M Off SatoshiVM Token Launch

Grok’s AI Predictions Stir Interest in XRP’s Future

Binance Readies to Ask Court to Toss SEC Lawsuit

Bitcoin Price Prediction: BTC Plunges to $41,000; Fidelity ETF Delays Amid CBDC Threat

Join our free newsletter for daily crypto updates!