Affection For Lido DAO Soars After Binance Announces It Will List $LDO Governance Token

The world’s largest cryptocurrency exchange by trade volume revealed its plans for $LDO, the Ethereum-based token that grants governance powers within the Lido DAO, on Monday (May 9).

What Exactly Is Lido?

On October 15, 2020, Lido, a “liquid staking solution for ETH 2.0 supported by industry-leading staking providers,” was published. It “allows users to stake ETH while engaging in on-chain operations like lending without locking assets or managing infrastructure.” “In order to increase the security of the Ethereum network, Lido seeks to overcome the concerns associated with early ETH 2.0 staking — illiquidity, immovability, and accessibility — by making staked ETH liquid and allowing participation with any quantity of ETH.”

The following operation is described in the Lido FAQ

“Lido users receive stETH tokens proportionate to the amount of ETH staked.” stETH balances, like regular ETH, can be used to earn yields and lending rewards, and they are updated daily to reflect your ETH staking rewards less any relevant penalties.

There are no minimum deposits or lockup periods while staking with Lido. Customers who use Lido enjoy real-time secure staking benefits, allowing them to engage in Ethereum security with less risks and downside possibilities.

The stETH token is defined as “a token that represents staked ether in Lido, combining the initial deposit value with staking rewards minus penalties.” These tokens are “minted when deposited and destroyed when redeemed.” The stETH balance token is a cryptocurrency “When the oracle announces changes to the total stake, the stETH token balances are updated daily. stETH tokens can be used in the same way as ETH, giving you ETH 2.0 staking incentives and returns across decentralized finance products, among other advantages.”

According to the $LDO token white paper

“The Lido DAO is in charge of a number of liquid staking platforms, including Lido on Ethereum.” The Lido DAO oversees the basic characteristics of the Lido (such as fees) and repairs. Members of the Lido DAO govern the network in order to keep it efficient and stable. To vote in the Lido DAO, you must have the LDO governance token.

“The voting weight of an LDO is proportionate to the amount of LDO invested in the voting contract by the voter.” The more the LDO is locked into a user’s voting contract, the stronger the voter’s decision-making authority. The LDO voting procedure, like other DAO applications, can be customized.”

Andreessen Horowitz will invest in Lido in March 2022

The venture capital firm announced its investment in the decentralized staking platform Lido in a blog post on March 3.

Binance now supports the $LDO Token on its platform

Binance announced the listing of the $LDO token on May 9 at 7:06 UTC. “Binance will list Lido DAO (LDO) at 11:00 a.m. on 2022-05-09.” (UTC). Trading for the LDO/BTC, LDO/BUSD, and LDO/USDT trading pairs will begin… Users can now deposit LDO to trade with. LDO withdrawals will commence on May 10, 2022, at 11:00 UTC.”

LDO Price Variation

The price of $LDO has risen to moreover $3.95 at 9:42 a.m. UTC, from $2.83 at the start of the day. On Binance, LDO/USDT is now trading near $2.40. (as of 11:30 a.m. UTC on May).

Also Read: Bitcoin at Levels Last Seen in July 2021, Analyst Says a Drop to $24,3K Is ‘Completely Possible’

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