Crypto News: Lido DAO (LDO) and Rocket Pool (RPL) Prices Skyrockets, Here's Why

Crypto News: Amid the upcoming Shanghai upgrade for the Ethereum network, Lido DAO, and Rocket Pool has been in the news over the past week. While the Crypto market generally recorded a 2.35% decrease in the last 24 hours, many assets faltered, but some tokens like LDO and RPL recorded exponential gains.

Timeline of Lido-dao, Rocket-pool

Cryptocurrency Lido Finance (LDO) has experienced a significant rally on the market after a tweet was shared by CEO of Coinbase Brian Armstrong. Armstrong tweeted his concerns about the rumors that the SEC would like to get rid of crypto staking in the U.S. for retail customers, which he believes would be a terrible path for the U.S. He emphasized that staking is a crucial innovation in the crypto space that allows users to participate directly in running open crypto networks, bringing many positive improvements, including scalability, increased security and reduced carbon footprints.

Lido [LDO], a protocol in the DeFi ecosystem, has observed significant improvements over the past week. Notably, the protocol took advantage of its press time growth by upgrading its technology.

The team behind the protocol has revealed the proposal for Lido V2, which will be the protocol's largest upgrade to date.  First Upgrade - Staking Router On Tuesday, the technical contributors behind Lido presented the proposal for the V2 upgrade, which is slated to further the protocol's move toward complete decentralization.

Key Points: Lido Finance has completed the design for the second iteration of its protocol, which will add support for Ethereum staking withdrawals post-Shanghai and rebuild the Staking Router to increase the platform's decentralization. According to a blog post, the proposals were presented to the Lido community.

Lido Finance [LDO] had a rollicking start to 2023 after it eclipsed MakerDAO [MKR] to become the biggest decentralized finance [DeFi] protocol, as per DappRadar. Moreover, the total value locked (TVL) of Lido's smart contracts went past $8 billion in January 2023, which amounted to gains of over 36%.

According to Delphi Digital's recent data, Lido's market share declined significantly over the last year. This can be attributed to the entry of Coinbase into the liquid staking derivatives market in June 2022.

Since the start of 2023, Lido Finance [LDO] has seen a value growth of over 150%. Additionally, the protocol's Total Value Locked (TVL) increased when the TVL for competing DeFi protocols stagnated.

Over the last week, the Lido [LDO] protocol witnessed a surge in the number of staked deposits on its platform. According to a tweet on 24 January, the number of staked deposits on Lido increased, except that of Solana [SOL].

Lido's market cap grew significantly over the last few days, according to recent data provided by Messari. The growth in market cap was attributed to the hype around the upcoming Shanghai Hardfork on Ethereum.

Trackers on January 18 show that the native token of Rocket Pool, RPL, rallied 55% and is among one of the top performers in the top 100 coins by market capitalization. Rocket Pool is Rallying after Binance Listing The surge coincides with RPL's listing on Binance, the world's largest cryptocurrency exchange by trading volume.