New York, NY – Lido Finance, a prominent liquid staking platform on the Ethereum blockchain, has seen a surge in Total Value Locked (TVL), reclaiming the number one spot with over $33.77 billion locked in the last 30 days, marking a 19.51% increase. As a key metric in DeFi, TVL reflects the total value of assets locked in a protocol, indicating the level of trust users have in the platform to provide a good yield.

The recent spike in TVL for Lido comes as a shift from EigenLayer, which previously held the top spot before seeing a decline to $18.81 billion. This transition was fueled by early users’ anticipation of rewards and the launch of EigenLayer’s EIGEN token, causing a rise in withdrawals from the platform. In response, Lido Finance has now emerged as the leader once again, not only in terms of TVL but also with its native token, LDO, showing a price increase to $2.05 per token, reflecting a 5.12% jump in the last 24 hours.

Amidst this positive momentum, Lido has also experienced a notable increase in social dominance, indicating heightened community interaction with the project online. This surge in interest has led to a rise in demand, driving up the value of the LDO token. However, there is a cautious note of a possible price retracement if discussions around LDO become excessively heated, potentially impacting the token’s value.

One encouraging sign for Lido is the steady growth in 24-hour active addresses on the network since mid-June. This metric reflects increased user engagement with the blockchain, suggesting a growing interest in both the project and the token. While there is a possibility that LDO’s price could dip below $2, its future potential may be closely tied to Ethereum, given the historical correlation between LDO and ETH prices.

Looking ahead, market speculations around the potential launch of Ethereum ETFs in July could further boost ETH prices, potentially benefiting LDO as well. If this scenario plays out, LDO could see a potential rally above $3 in the near future. As the DeFi landscape continues to evolve, Lido Finance remains a key player to watch, with its TVL growth and token performance reflecting the changing dynamics of the market.