- Lido Finance has an average of 13,000 users per month.
- LDO has held on to $2 despite slight losses.
Lido Finance [LDO] is known as a popular staking platform, with its Ethereum [ETH] staking option is particularly widespread. According to a November 5 tweet from Token Terminal, Lido Finance has an average of more than 13,000 active users every month.
@LidoFinance sees ~13,000 unique savers every month pic.twitter.com/w5Jev5i4cY
— Tokenterminal (@tokenterminal) November 5, 2023
At the time of writing, this number had passed 14,000. What has been the impact on network costs?
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Lido Finance sees monthly users in double digits
According to AMBCrypto’s analysis of the fee chart on DefiLlamaDespite the numbers above, there has not been a significant spike in DeFi protocol costs lately.
Most of the notable spikes occurred between March and May of this year, leading up to and following the activation of ETH withdrawals. During these peaks, fees on the Lido Finance network reached over $3 million.
At the time of writing, fees exceeded $1.7 million.
Source: DefiLlama
Additionally, an examination of the Total Value Locked (TVL) chart on the network showed increased activity. Between October and November, TVL had increased by more than $2 billion. At the time of writing, the figure also stood at over $16.8 billion.
While the price of its token, LDO, could contribute to the growing TVL, user activity also played an important role.
LDO loses ground through gains
AMBCrypto’s analysis of the daily timeframe chart indicated that LDO ended the previous week on a positive note. The week ended with a 2% increase in value and the LDO trading above $2.
Source: TradingView
How much are 1,10,100 LDOs worth today?
However, the new week started with a slight loss, which continued at the time of writing, with a small loss of less than 1%. But despite these recent setbacks, the trendlines suggested that the LDO was in a bullish trend.
Furthermore, both the short and long moving averages (yellow and blue lines) were acting as support at different price levels at the time of publication.
