The daily bulletin prepared by the Bybit Global team includes the prominent topics and topics of the day. Unemployment and labor force participation rates are among the highly anticipated December jobs reports in the first trade week of 2023. The cryptocurrency market has rebounded slightly over the weekend and the momentum continues into the new week, with Bitcoin and Ethereum gaining 0.52% and 1.14% respectively in the last 24 hours. At today’s high, LDO posted a 13.96% return in 24 hours at the time of review, overtaking MakerDAO as the largest DeFi protocol in terms of TVL.
LDO is the native token of Lido DAO, the largest liquid staking service provider in the Ethereum network, and the high staking rewards offered by Lido, currently 4.4%, prompted Ethereum users to invest their capital in the protocol. The Ethereum Foundation’s recent developer updates are increasing investors’ interest in ETH liquid staking, as the Shanghai Upgrade is scheduled for March 2023, with subsequent withdrawal of staked ETH.
Thanks to Ethereum’s network upgrade efforts, LDO’s overall TVL has recently shrunk less than its competitors, surpassing MakerDAO as the largest DeFi protocol in terms of TVL. As Zoom actively expands Lido’s liquid staking services outside of the mainnet, Lido’s superior performance is mainly attributed to the increase in TVL over Ethereum Layer 2s, Arbitrum and Optimism. However, Lido’s market share in the liquid staking space is constantly shrinking as Coinbase and Rocket Pool gain traction, but its dominance remains at 73.7% and unbeatable.
On Thursday last week, FTX Japan released a statement on Twitter explaining the details of returning customers’ assets. FTX Japan has announced that they are currently developing systems to enable customers to withdraw their holdings through Liquid Japan within six months. The company plans to carry out this process in 3 steps, the first is for all customers to open an account with Liquid Japan, the second is to go through a balance check, and finally, the withdrawals will be activated in mid-February.
Investment information, comments and recommendations contained herein are not within the scope of investment consultancy. Investment consultancy service; brokerage houses, portfolio management companies, non-deposit banks and the customer within the framework of an investment consultancy agreement. The comments and recommendations contained herein are based on the personal opinions of those commenting and recommending. These views may not be suitable for your financial situation and risk and return preferences. Therefore, making an investment decision based solely on the information contained herein may not yield results that meet your expectations.