Second biggest DeFi platform’s governance token is now listed on top-tier exchange
According to the announcement on Binance’s official website, the platform is preparing for the Lido DAO (LDO) token listing at 11:00 UTC. The listing will include LDO opening to BTC, BUSD and USDT trading pairs.
Depositing for LDO has already been opened in order to let traders prepare for the upcoming listing. Withdrawals of LDO are yet to be opened on May 10.
The listing on Binance caused a massive price surge on LDO, which is currently rallying on exchanges like Gate.io. The industry’s second-largest DeFi protocol, with $15 billion already locked, is expected to attract even more investors when Binance ends its listing.
What is Lido Finance, and why did it attract $15 billion?
Lido Finance is a staking solution provider for decentralized services based on networks like Ethereum 2.0, Terra, Solana and Kusama. The staking provides users with governance tokens that can be used for the control of staked tokens. LDO token listed by Binance is a governance token of Lido’s Decentralized Autonomous Organization.
Apart from passive income generated from staked coins, Lido allows users to earn returns from staked assets. By staking coins on the platform, investors can use them as collateral for loans and receive rewards from borrowers.
According to DefiLIama, Lido saw stable inflows into the project from February to April. Lido Finance has gained more than $13 billion in TVL at the top. Following the strong correction on the cryptocurrency market, Lido has lost around $3 billion in TVL, which has not affected the price of the governance token.
