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After a string of “thousands of pounds hanging by a hair” series of days with huge selling pressure from funds and stories about liquidity risk, Lido DAO’s stETH has made significant changes recently.
Positive news from The Merge
With many delays and tests on the testnet, the Ethereum development team has the latest updates on the mainnet deployment date for The Merge.
> See also: The Merge of Ethereum will take place in the third week of September
Thanks to this information, Ethereum has turned strong and almost led the top coin in the recovery.
At press time, 1 ETH is trading around $1,470, up 9% in a 24-hour range.
stETH and the latest updates
After the crash of 3AC and Celsius, stETH became a fatal weakness when the asset’s liquidity was put on alert. However, after 3AC and Celsius filed for bankruptcy, along with liquidation activities to reduce debt leverage, stETH was able to shake off the temporary selling pressure.
> See more: A look back at the timeline of the Celsius Network “fusion bomb”
In addition, on the evening of July 18, Lido DAO said that it will deploy STETH to Layer-2 solutions, helping this asset have more applications, while reducing the cost of interaction for users.
Lido is launching stETH on Layer 2 ️
Ethereum is scaling, and so is Lido.
Lido stakers will soon be able to use their stETH assets in DeFi on Layer 2.
Read more about it here: https://t.co/QCsQry4V41
— Lido (@LidoFinance) July 18, 2022
Currently, the blog post is only referring to two names, Arbitrum and Optimism. At the same time, a combined implementation with other ecosystems will be announced in the near future. At the same time, those who are interested in Aztec (Zero-Knowledge solution to increase the processing capacity of Ethereum) have also implemented interaction with Lido with a cheaper transaction fee for users.
The latest updates about Lido
Also tonight (July 18), FTX announced the listing of transactions for Lido (LDO).
Upcoming listing on FTX: Lido DAO $LDO spot and perpetual futures!
— FTX (@FTX_Official) July 18, 2022
Previously, after taking a vote, the Lido DAO organization canceled the proposal “Limit staking level on ETH 2.0”. This step is expected to help Lido avoid slowing growth in the near future.
>> See more: Lido DAO opposes ETH 2.0 staking limit proposal – What changes await?
In addition, the Lido community is also discussing the proposal of Dual Governance, a solution to help increase the application of stETH in the future.
At the time of writing, Lido (LDO) is also the token with a strong rebound in the market, with a 134% increase in the past 7 days.
Maybe you are interested:
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