SOL - Why Lido DAO Ethereum Classic and Solana Popped on Wednesday
Parts of the crypto market sprung to life on Wednesday as blockchain upgrades and increased activity have pushed a number of tokens higher. Ethereum 's (CRYPTO: ETH) Shanghai upgrade was tentatively set for March 2023, which could give a boost to some staking and utility tokens.
In the last 24 hours, Lido DAO (CRYPTO: LDO) jumped 15.3% as of 12:45 p.m. ET, Ethereum Classic (CRYPTO: ETC) is up 17.7%, and Solana (CRYPTO: SOL) is up 5.2%.
One of the impacts of the Shanghai upgrade will be to allow stakers and validators to withdraw their tokens that have been locked since December 2020, providing more liquidity to a project like Lido DAO. One of the risks seen by many of these liquidity pools is running low on liquidity for the staked token. Locked tokens have equivalents that trade at a discount to the underlying asset, but that gap should close significantly, helping Lido DAO.
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Why Lido DAO, Ethereum Classic, and Solana Popped on Wednesday