- Lido posts updates on the status of its decentralization plans and progress.
- The LDO does not recover large enough to push the current out of range.
the last update was in Lido’s Migration to decentralization and self-custody. There have been concerns in the past about the centralization of the Lido. The update details the platform’s efforts to ease those concerns and here’s what you need to know.
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According to the update, there are three stages that Lido must go through to become a fully trusted protocol. Retirement rotation is an essential first step in the transition to a reliable future.
The update establishes aspects of each step and why they are important to the direction of the protocol. However, it seems that the token price has not registered much gain with this new development.
An update on return key rotation:
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– dc4bc audit (published)
– key rotation (home) return function
– First key rotation message (signed)Importantly, this is the first of the 3 main steps required to make Lido a fully trusted protocol. pic.twitter.com/nFYRGuKuFL
– Lido (@LidoFinance) March 17, 2023
One of the most notable aspects of the update is that it clarified the methodology involved in unlocking ETH by July 2021. Lido hopes these measures will facilitate a smoother unlocking and withdrawal process.
The update also shows that eight issues were fixed and there were no significant issues. Lido notes that messages generated after the Shepela hard fork will be broadcast.
A look at how LDOs are performing after recent events
LDO supply in smart contracts fell from 45.74% at the beginning of the second week of March to 45.09% on March 16. His transfer rate increased marginally over the same period.
The cryptocurrency market has just finished a bullish week. however, LDO performance Weekly results may not necessarily be reflected.
This is because its price at press time of $2.56 represents a 16% discount from the weekly maximum. Still, it traded 12% higher from its mid-week low.
Source: TradingView
The LDO’s inability to stage a strong pullback and a new monthly high confirms the lack of strong momentum and low investor interest.
The current rally has drawn more attention to Bitcoin and Ethereum. However, the LDO price has shown relative weakness as evidenced by its inability to sustain above the 50 day EMA.
how much is 1,10,100 LDO is worth today?
Analysis of the LDO exchange flow reveals several key observations. The first is that both foreign currency inflows and outflows have decreased since March 15. This could explain the lack of strong bullish momentum, hence the failure of the LDO to reach new highs in the last two weeks.
Source: Glassnode
Another key observation is that at press time, currency outflows were still higher than inflows, hence the bullish dominance. Even so, the low volumes suggest a low whale activityIf the decline in currency flows continues, don’t expect much bullish from the LDO.
besides Uncertainty Concerns about whether staked funds will be sold by interested parties when they are unlocked may discourage heavy accumulation.
