Tech · The Defiant
LDO Bucks DeFi Downturn With 30% Monthly Rally After DAO Passes Buyback Scheme
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Lido's token is the only top DeFi token in the green over the past 30 days, fueled by a $20 million treasury repurchase program.
Key facts
- The Lido DAO voted to spend up to 10,000 stETH ($23 million) to repurchase LDO tokens from the open market, routing purchases through centralized exchanges and market makers in 1,000 stETH batches
- LDO is trading at $0.42, up 12% in the past 24 hours, according to CoinGecko
- Over the same 30-day window, AAVE fell 7%, Uniswap (UNI) dropped 15%, Curve’s CRV slipped 9%, and Etherfi's ETHFI shed 16%
- But despite the rally, LDO remains down more than 94% from its November 2021 peak of $7.30, and Lido's share of staked ETH has slipped to a year-to-date low of roughly 23%, according to a Dune
Summary
Top Ethereum liquid staking protocol Lido's governance token has emerged as a rare bright spot in a battered DeFi sector, gaining 30% over the past 30 days while every other major token slid into the red. LDO is trading at $0.42, up 12% in the past 24 hours, according to CoinGecko. Over the same 30-day window, AAVE fell 7%, Uniswap (UNI) dropped 15%, Curve’s CRV slipped 9%, and Etherfi's ETHFI shed 16%. MORPHO was the closest to breakeven among top DeFi tokens, losing 0.5%.