How Lido managed to make the best out of regulatory crackdown
ambcrypto.comCoinbase, one of the largest centralized exchanges for staking ETH, faced a setback with the SEC lawsuit, causing users to seek alternative platforms. This shift led to a significant boost for decentralized solutions like Lido [LDO], resulting in a surge of ETH staked on its protocol.
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The SEC lawsuit against Coinbase and other exchanges instilled fear among users who relied on these platforms for staking ETH. As a result, many users migrated to other platforms.
Lido emerged as a major beneficiary of this situation, with an impressive 13% increase in ETH staked on its protocol. This growth was mirrored by other decentralized liquid staking protocols, such as Rocket Pool and Frax Finance, indicating a broader trend in the market.
<p lang=«en» dir=«ltr» xml:lang=«en»>Jerome Powell says crypto has staying power.While the majority of ETH staked on centralized exchanges continues its exodus from @coinbase to decentralized providers.
– $LDO +13% – $FXS +13% – $RPL +19% – $SWELL +103% pic.twitter.com/wY7E853wkr
— Emperor Osmo
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