Lido V2 Update Bullish for LDO; MarkerDAO Deploys Spark Lending Platform for DAI Holders

Daily Hot Token — Lido Finance (LDO)



U.S. equities remained nearly flat as the market awaits April’s CPI data. The broader cryptocurrency market went down sharply, with Bitcoin and Ether dropping 2.67% and 1.35%, respectively, in the past 24 hours.

Today's outperformer is LDO, which surged 6% in the past 24 hours due to their recent announcement update for Lido V2 on Twitter. 



Launched on December 2020, Lido Finance (LDO) is the largest liquid staking protocol, with about 32% of all ETH being deposited to Lido, valued at over $11 billion today. In terms of its market share compared with other liquid staking protocols, Lido holds a majority share at around 72.5%, with its next closest competitor, Rocket Pool, at around 6%. 



Lido Finance is preparing for Lido V2 after the final on-chain vote on May 12th. If the vote is successful, the upgrade will go live on May 15th. The update includes a Staking Router architecture that allows for new staking modules and in-protocol stETH: ETH withdrawals. 



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Talk of the Town



MakerDAO has launched Spark Protocol, a lending solution for users of its stablecoin DAI. The platform will act as a lending marketplace, allowing users to supply and borrow cryptocurrencies such as ETH, stETH, DAI, and sDAI. The Spark Protocol is connected to Maker's Direct Deposit Dai Module, which enables interaction between the Maker ecosystem and third-party lending pools and is designed to provide users with competitive interest rates. The lending solution promises to enhance MakerDAO's DAI lending capabilities, increase liquidity, offer users improved rates, and provide more liquidity options. 



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