– Lido received a large sum of ARB tokens so that the protocol can take part in its DAO-based governance.– Active users of the protocol surged.Lido [LDO] has emerged as a leading player in the DeFi market with the largest Total Value Locked (TVL) in the overall sector.As a result, the Lido protocol generated substantial revenue and was able to support other protocols such as Arbitrum [ARB].
Is your portfolio green? Check out the Lido Profit Calculator Reaping the benefits According to Lido’s 14 April tweet, the Arbitrum Foundation is incentivizing participation in DAO-based governance on its platform by distributing ARB tokens to protocols that have contributed to the growth of the network.Arbitrum Foundation is distributing ARB tokens to protocols that have played a part in the growth of the protocol in order to encourage DAO-based governance participation across Arbitrum.Due to its previous support, Lido DAO is eligible to receive 772,621 ARB.
— Lido (@LidoFinance) April 14, 2023 Lido DAO is hence qualified to receive 772,621 ARB tokens as the protocol showed support to Arbitrum in the past.These tokens amount to $1.29 million.The funds can help Lido improve upon different aspects of its protocol.
A proposal was put forward by Lido for the utilization of the tokens towards the continued growth of staking and the wstETH DeFi ecosystem on Arbitrum One.The aim is to initiate ARB token emissions that would incentivize liquidity pools and wstETH users across the Arbitrum network.
Other updates Following a successful withdrawal credential rotation message signing ceremony, all messages required to finalize the Ethereum withdrawal process were processed by the network.As a result, all validators on Lido Ethereum are now using the updated 0x01 withdrawal credentials.Withdrawal credential rotation is crucial for Ethereum-based staking protocols like Lido.It involves creating a new key, ensuring all validators use it, and improving security.
Now that all validators on the network are updated, it is safer for users to stake and unstake their holdings.After a successful withdrawal credential rotation message signing ceremony, completed April 5th, all messages have now been processed by the network, finalising the rotation 🎉 All Lido on Ethereum validators are now using 0x01 withdrawal credentials! https://t.co/otHaEE2kT1 — Lido (@LidoFinance) April 14, 2023 Read Lido DAO’s [LDO] Price Prediction 2023-24 State of the protocol At press time, the protocol was doing relatively well.According to the token terminal’s data, the number of daily active addresses on the protocol surged by 64% in the last week.Coupled with that, the revenue generated by the protocol also increased in this period.Well, one of the reasons for the unprecedented interest in the protocol could be the high APR (Annual Percentage Return) provided to Lido’s users.Leave a Reply [Cancel reply](/news/lido-gets-a-massive-amount-of-arb-tokens-assessing-why/#respond) Leave a Reply Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.-The lower timeframes such as the 1-hour showed the structure could flip bullish soon.-If this occurred, XRP bulls can seek buying opportunities upon a retest.
On 16 March, Ripple [XRP] initiated a rally from $0.356 to reach $0.585 on 29 March, recording gains of 64%.The retracement since then was halted at the $0.48-$0.5 support area.Analysis of lower timeframe XRP price charts showed that another move toward the $0.6 resistance was brewing.Read Ripple’s [XRP] Price Prediction 2023-24 The formation of higher lows after the defense of the $0.5 support, coupled with a lower timeframe bullish outlook, meant that a breakout above $0.53 was likely for XRP.A retest of this level could present a buying opportunity.The breakout past the short-term range looked increasingly likely The 20 and 50-period moving averages showed bullish momentum, as did the RSI with a reading of 59.The OBV rose massively over the past week when XRP bounced from the $0.5 support level.The price action was also bullish for two main reasons.
The first was the defense of the mid-range mark at $0.505.The range (white) extended from $0.48 to $0.529, and XRP has traded within this range since 2 April, marking these levels as important in the short term.Over the past ten days, XRP bulls valiantly defended the $0.5 mark, as it was a psychological round number as the short-term mid-range support, and most importantly, a higher timeframe level of significance as well.The rising BB width indicator showed an expansion phase could follow, reinforcing the idea of a bullish breakout.
The second reason was the formation of higher lows after the bounce from $0.5, and the possible formation of a one-hour bullish order block at the area highlighted in cyan.If XRP can close an hourly session above $0.53, a retest of the $0.515-$0.525 area would be a buying opportunity.Bulls can anticipate a range breakout and target the $0.58-$0.6 area, the next higher timeframe resistance.The stop-loss can be set below the H1 bullish order block at the $0.51 level.
Is your portfolio green? Check the XRP Profit Calculator Sentiment remained strongly bullish behind XRP 8 April was the most recent time when the Open Interest rose when the price was in a lower timeframe downward move, according to Coinalyze data.This denoted extremely bearish sentiment, but it lasted only a few hours.
At the time of writing, both the prices and the OI were on an uptrend, pointing toward bullish speculators.The funding rate was also positive to show long positions were in the majority.Over the past 24 hours, the sharp drop from $0.534 to $0.515 saw close to $1.3 million worth of long positions liquidated within a few hours, but the liquidation data has been flat since then.– Aave ventures into the zkEVM space through the zkSync Era protocol.– Despite surging prices, indicators suggest a bearish future for AAVE.Aave [AAVE], a decentralized lending and borrowing protocol, has been making large improvements to its protocol to survive in the highly competitive DeFi space.
In a 14 April tweet, the protocol said that its governance made progress on various fronts, including venturing into the zkEVM space, Risk Stewards, and whitelisting new protocols.
A [Temp Check] is currently running to deploy Aave V3 on the @zksync Era Mainnet, expanding Aave’s presence and tapping into the growing zkEVM ecosystem.https://t.co/ps1RMl7Sva — Aave (@AaveAave) April 14, 2023 Read Aave’s Price Prediction 2023-2024 Aave is set to enter the zkEVM space via the zkSync Era protocol after launching on the zkSync’s V2 testnet.
With zkSync Era Mainnet’s release, the protocol can now capitalize on previous development efforts, making it a central hub for mainnet activity and liquidity.The motivation behind the decision to launch on zkSync is to attract more users to the protocol.It also wants to be seen as the premier borrowing platform within the growing zk ecosystem.Aave is also set to whitelist liquidity transport protocol Stargate on its ecosystem.This will enable users to reliably and safely access assets on a variety of chains.
In terms of governance, the Aave protocol has proposed a 2-month trial of shielded voting.
Shielded voting is a mechanism that allows voters to keep their votes private throughout the voting process, only revealing their choices and the outcome after the vote has ended.The current state of Aave The protocol’s health continued to decline even with the work being done to make improvements.According to Token Terminal’s data, the fees collected by the network fell by 17.7% over the last month.Additionally, the number of active developers working on the protocol fell by 35% during the same period.
A decline in active developers suggests that new upgrades and updates could take longer than usual to go live.Realistic or not, here’s AAVE’s market cap in BTC terms Should holders worry? AAVE’s network growth started to fall despite the soaring prices of the token.This showed that new addresses were not as interested in the token.
Its velocity also declined materially.Due to the rising prices, AAVE’s MVRV ratio also jumped, implying that there was a higher chance of a sell-off in the future.-Uniswap v3 launched on the BNB chain generating high expectations.
-TVL and active addresses showed an uptrend after launch, but MVRV has declined.Exactly a month ago, the Uniswap V3 debuted on the BNB chain, generating high expectations for the decentralized exchange (DEX).But the question is- How has the platform performed since then, and what is its current state? Read Uniswap (UNI) Price Prediction 2023-24 Uniswap v3 lands on BNB chain In February, a controversial proposal by 0x Plasma Labs to bring Uniswap version 3 (v3) to BNB Chain was approved by more than 55 million UNI token holders.0xPlasma Labs, a DeFi platform, first presented their plan to launch v3 on BNB Chain in December 2022.Uniswap governance approved the proposal on 22 January with 80% support.0xPlasma estimated that deploying v3 on BNB Chain would increase Uniswap’s TVL by $1B.
After months of internal conflict, the leading decentralized exchange went live on BNB Chain on 15 March.Uniswap’s v3 version introduced concentrated liquidity, a feature that greatly enhanced the efficiency of capital usage for DEXes.In Uniswap v3, liquidity providers’ positions are no longer interchangeable because they can now provide liquidity within specific price ranges.
This means that LP holdings in Uniswap v3 cannot be represented in the underlying protocol as ERC20 tokens, unlike in Uniswap v2.Uniswap v3 volume and TVL post-BNB launch According to DefiLlama, an analysis of the Total Value Locked (TVL) and trading volume on Uniswap v3 revealed a surge in volume and a decrease in TVL leading up to the launch on BNB.On 11 March, trading volume spiked to over $13 billion, while the TVL was around $2.5 billion.
However, following the launch on the BNB chain, the TVL has been steadily increasing and was over $3 billion, at press time.Active user surges as MVRV declines Examining another on-chain metric of Uniswap v3, an upward trend was observed.The DefiLlama active user metric revealed that the number of active users on the platform had steadily grown.The metric surpassed 155,000, which marked a substantial increase from the 50,000 figure recorded earlier in April.How many are 1,10,100 UNIs worth today On the other hand, the 30-day Market Value to Realized Value ratio (MVRV) for UNI suggested that despite the positive on-chain metrics, the asset had not been performing well.As of this writing, the MVRV was over -19.2%.
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