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Reading: Lido Finance Achieves Profitability as LDO Token Surges by 82% in 30 Days
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Deythere > News > Crypto > Lido Finance Achieves Profitability as LDO Token Surges by 82% in 30 Days
CryptoMarketNews

Lido Finance Achieves Profitability as LDO Token Surges by 82% in 30 Days

Lido Finance is profitability and the surge of its LDO token. The image features the Lido Finance logo prom
Alessia Moretti
Last updated: December 18, 2024 9:52 am
By
Alessia Moretti
Published December 18, 2024
3 Min Read
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Lido Finance, a decentralized protocol introducing the concept of liquid staking, has reached a significant milestone in its fourth year of operation. For the first time, the platform has reported a net profit of $5 million, with $99 million in revenue and $94 million in costs for 2024. This marks the first profitable period in Lido’s history, as reported by crypto advisory firm Steakhouse Financial.

Contents
  • Ethereum Price Drives Profitability
  • Focus on Ethereum and Decentralization
  • LDO Token Performance
  • A Bright Future for Lido Finance

Ethereum Price Drives Profitability

According to Steakhouse Financial’s founder Adrian Vasiljevic, Lido’s profitability aligns closely with the rise in Ethereum (ETH) prices. ETH has surged 67% since the start of 2024, climbing from $2,350 to over $4,000. This significant price increase has been a major driver of Lido’s revenue growth.

The growing interest in liquid staking services among both retail and institutional investors has further fueled this growth. As of January, the total locked ETH in Lido’s protocol increased by 5%, reaching 9.81 million ETH. Lido’s stETH product remains highly popular, allowing users to maintain liquidity while staking their ETH.

Focus on Ethereum and Decentralization

In a strategic move, Lido Finance has ended its services on the Polygon POS network to focus entirely on the Ethereum ecosystem. This decision followed discussions on the Lido DAO forum and a governance vote involving LDO token holders. Lido’s team cited scalability challenges on Polygon as a key factor behind this shift.

Additionally, Lido has launched a community staking module enabling users to operate as node operators on the Ethereum mainnet without requiring permission. This innovation strengthens Lido’s commitment to decentralization.

LDO Token Performance

Lido’s native token, LDO, has surged by 82% over the past 30 days, reaching $2.11. However, the token experienced a 7.7% drop in the last 24 hours, bringing its market capitalization to $1.9 billion. This strong performance reflects the growing demand for Ethereum staking and Lido’s expanding market influence.

A Bright Future for Lido Finance

Lido’s profitability milestone underscores the rising demand for Ethereum staking services and the platform’s ability to adapt to market dynamics. As Lido continues to diversify its growth strategies, it remains a dominant player in the liquid staking market.

For the latest updates on cryptocurrency trends and developments, stay tuned to Dey There.

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TAGGED:Ethereum stakingLido Financeliquid staking

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ByAlessia Moretti
Alessia Moretti is a blockchain and cryptocurrency analyst with 7 years of experience in the field. With a strong foundation in economics and a passion for technology, Alessia has been involved in a variety of international blockchain projects, focusing on the development of decentralized applications and financial products. Her work is characterized by a deep understanding of both the technical and economic aspects of blockchain technology. At DT NEWS, Alessia provides readers with in-depth analysis of global blockchain trends and market movements, helping them stay informed about the future of digital finance.
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