Lido (LDO), the native token of its eponymous platform, registers a price rebound and is one of the most prominent on the market.
The recent rise in the LDO price is due to the fact that World Liberty Financial (WLFI), the decentralized finance (DeFi) platform associated with the president of the United States, Donald Trump, has chosen the Lido protocol for staking.
According to data from Wu Blockchain, The DeFi platform controlled by Eric and Donald Trump Jr. acquired 4,700 units of ether (ETH), the cryptocurrency of the Ethereum networkwhich were then exchanged for 4,700 stETH.
In total, WLFI deposited a total of 14,702 ETH into Lido, the equivalent of $49 million.
As explained in the Criptopedia, educational section of NoticiasVE, in Lido, users can deposit ETH and receive stETH tokens in exchange, which represent their participation in the staking. These assets can be transferred, traded or reused in decentralized applications (dApps).
The difference with traditional staking is that Lido liquid staking allows users to earn rewards for their ETH without freezing assets or maintaining validation infrastructure.
After the movements of DeFi linked to Trump became known, The price of the LDO token skyrocketed and increased by 20% in the last 24 hours. Currently, its price is $2.08.
Likewise, it should be noted that the Trump family project spent $2.65 million to buy more than 10 million TRX, the native currency of the Tron network.
Finally, it is important to explain that WLFI is a DeFi platform that will offer cryptocurrency lending services on Ethereum. However, despite the million-dollar purchases of digital assets that have been recorded in recent days, the plans for this platform are still unknown.