Lido DAO (LDO) token is soaring on the Binance listing

Lido DAO (LDO) token, Ethereum-based decentralized finance (DeFi) platform, has rallied over 25% after Binance announced that it will be listing the token today.

#Binance will list @LidoFinance $LDO!

— Binance (@binance) May 9, 2022

The token will be available for trade-in LDO/USDT, LDO/BUSD, and LDO/BTC pairs and will be live at 11:00 UTC, this will be the first listing of the token by a centralized crypto exchange.

According to DeFi Llama, Lido is among the platform that holds the largest market share in ETH staking (Ethereum staked on Lido is $10.15 billion) and also the second-largest DeFi protocol by total value locked (TVL) which jumped over $20 billion

Lido continues to gain traction

Lido offers staking across Ethereum, Solana, Polygon, Terra, and Kusama, besides, the LDO deposit channel is now open but according to the exchange policy, the traders will have to wait for 24 hours to carry out any transaction. The token listing fee will be 0 BNB.

In addition, the platform (Lido) has been one of the best favored liquid staking platforms lately for Ethereum at a time when there is a growing interest for Ethereum 2.0. However, the token price had experienced a significant drop after the developer delayed the Ethereum merge to the third quarter (Q3).

Although ETH rewards on Lido have been decreasing over time despite its effort to add other assets, this new move for decentralization and Binance listing will be beneficial for Lido users who have been worried about its trend over time.

At the time of writing, LDO was trading at $3.31, up 26.73% in the last 24 hours after retracing from a high of $3.51.