• Lido is preparing to release 8.5 million of its previously-locked tokens to investors on 25 August, which will bring the circulating supply closer to its 1 billion total supply peak.
• At press time, Lido’s Total Value Locked (TVL) was $13.89 billion and it ranks as the leading decentralized finance protocol in terms of asset value.
• The drop in asset value was due to the decline in token prices following last week’s deleveraging event in the Bitcoin [BTC] market.
Lido Set To Unlock 8.5 Million Tokens
Lido is preparing to release 8.5 million of its previously-locked tokens to investors on 25 August, which will bring the circulating supply closer to its 1 billion total supply peak. This unlocking event will distribute the last batch of locked tokens to investors who participated in the Lido DAO token sale, which currently holds 339.53 million LDO tokens worth over $570 million at press time.
Lido Leads DeFi Protocols With Highest Asset Value
At press time, Lido’s Total Value Locked (TVL) was $13.89 billion and it ranks as the leading decentralized finance protocol in terms of asset value with a 6 month doubling rate since January 2021 when it replaced MakerDAO [MKR] as number one DeFi protocol due Ethereum’s Shanghai upgrade driving traffic and staking activity to the protocol.
Deleveraging Event Causes Drop In Token Prices
The drop in asset value was due to the decline in token prices following last week’s deleveraging event in the Bitcoin [BTC] market that caused a 7.35% decrease in TVL during that period despite an increase stETH APR on a 7-day moving average seen within that time frame too..
Final Cliff Unlock On 25 August
The final cliff unlock for LDO tokens is set for 25 August where 100% of all previously locked tokens will be released upon completion of this event with no further batches planned afterwards thus fulfilling their promise outlined from inception back in 2019 when they launched their mainnet shortly after raising capital through their public sale process..
Conclusion
As more unlocked tokens enter circulation and become available for trading activities we can expect increased liquidity and volatility within this space as traders capitalize on any short term gains or losses that may result from this recent development with respect to LDO’s price action..