Lido DAO sets new record with $36M Network Transaction!

The Lido Decentralized Autonomous Organization (DAO) recently made headlines as it recorded the most extensive network transaction in the past two years, according to Santiment, a blockchain data metrics platform.

Specifically, the Lido network, which is focused on the staking of Ethereum 2.0, recorded a whopping 17,000 ETH transaction on its platform, worth approximately $36 million.

Lido DAO allows users to stake their ETH and earn validation rewards in return. Lido’s Ethereum 2.0 staking mechanism works through specialized nodes, called validators, that process and validate transactions on the network. These validators are funded by the ETH staked by Lido’s users.

The fact that Lido DAO was able to record such a massive transaction is a testament to its growing popularity and the overall trend towards staking. Staking is fast becoming an attractive alternative to traditional mining, as it requires fewer resources and energy while providing more predictable returns.

According to Santiment, Lido’s growing popularity is also evident in the platform’s token LDO, which has seen a significant increase in trading volumes since mid-June 2021.

The Lido network is gaining traction among institutional investors, as it offers them a secure and hassle-free solution to staking. Earlier this year, Lido integrated with Alchemy, a blockchain infrastructure provider that boasts clients, including some of the world’s largest cryptocurrency platforms such as Nexo and MakerDAO. This integration will allow institutional investors to increase their exposure to Ethereum 2.0 and earn validation rewards without having to manage their infrastructure.

The Lido DAO’s massive transaction is an excellent indicator of Ethereum 2.0’s growing popularity and the increasing adoption of staking. With more institutions and individuals showing interest in staking, platforms like Lido are likely to see continued growth.