Lido DAO (LDO) is a blockchain protocol designed to promote and facilitate Ethereum staking. The protocol has recently launched its Simple Distributed Validator Technology (DVT), marking a significant step towards decentralization. Lido aims to increase the number of nodes and allow solo and community stakers to participate as validators. The price of the cryptocurrency LDO has experienced a positive trend, reaching approximately $2,035 with a 4% increase throughout the day.
Promoting Decentralization: Lido’s Efforts
Last Thursday, Lido announced the introduction of its Simple DVT Module. This deployment was initiated after the Lido DAO community voted in favor of decentralizing the protocol about six months ago, on October 26, 2023.
DVT operates similarly to a multisig setup, where multiple partners must reach a consensus for access or control. It provides validator responsibilities not only to individual node operators but also to community stakers, reducing dependency on a single operator. As reported by @KimonSh, a node operator on platform X, the number of nodes has been steadily increasing and currently stands at 109.
Positive Response from LDO Investors
The price of the LDO cryptocurrency has seen a rise, reaching $2,035 and experiencing a 4% increase. It appears to be on track to reach $2,345, which is near the Point of Control (PoC) on the Volume Profile indicator. This potential increase represents a gain of approximately 15% from the current price.
Over the past three days, LDO’s price has consistently been on the rise. The Moving Average Convergence Divergence (MACD) indicator shows green histogram bars above the neutral line and a bullish MACD crossover signal line, indicating favorable conditions for LDO buyers.
However, if the price fails to surpass the resistance level at $2,345, the bullish outlook for Lido’s cryptocurrency may become invalid. In such a scenario, the price of LDO might decline and test the low of $1,817 recorded on April 30.
Disclaimer:
This article does not provide investment advice and is for informational purposes only. Investors should be aware of the high volatility and associated risks of cryptocurrencies and conduct their own research.
