In the ever-evolving world of cryptocurrency, the latest buzz centers around the remarkable surge of Ethereum-staking tokens, particularly following BlackRock’s latest ETF filing. Leading the charge is Lido Finance’s governance token, which has witnessed a staggering 20% increase overnight, according to CoinGecko data, reaching a notable $2.49.
This surge is not a fleeting moment; over the past week, the token has ascended by 37%. LDO, beyond appealing to speculators, plays a crucial role in the governance of Lido Finance. It also empowers holders with the ability to vote on pivotal decisions. Especially those concerning protocol adjustments and the management of Lido’s treasury.
Here’s all we know about BlackRocks move into Ethereum ETFs!
Ethereum Staking Tokens Soar Amidst BlackRock’s ETF Ambitions
Lido Finance, the top liquid staking provider, offers an innovative Ethereum staking method. Users receive “stETH” tokens, mirroring Ethereum’s price while usable in DeFi. RocketPool, ranking second, has seen its token rise 20% to $32.83 in 24 hours.
RocketPool offers “RETH,” similar to Lido’s stETH. Staking tokens’ value surge is linked to BlackRock’s new “iShares Ethereum Trust” entity. This move suggests an Ethereum ETF, pushing Ethereum’s price above $2,000 for the first time since July. While not an official Ethereum ETF filing, BlackRock’s actions mirror its strategy prior to its Bitcoin ETF filing, spurring analysts to draw parallels.
BlackRock’s venture into digital asset ETFs, including Ethereum, stands out due to its successful history. This marks a significant step in integrating cryptocurrencies into mainstream finance. BlackRock’s role may signal a new era for digital assets.
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Vineet
Vineet is a storyteller based in Mumbai. Having previously worked for various web2 organizations as a journalist, instructional designer, and event manager, he got into blockchain in early 2021. As a musician by passion, he fell in love with the digital megastructures building the future of art and creativity. He believes that web3 unlocks creativity at a higher level, and works towards onboarding music projects to the space.
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