DeFi Tokens Lido, Synthetix Rally as Crypto Markets Trade Sideways

Amid mixed market moves, DeFi tokens Lido and Synthetix have both posted hefty gains over the past 24 hours.

2 min read

Aug 3, 2022

As the broader crypto market trades sideways on Wednesday morning, several decentralized finance (DeFi) tokens are outperforming the rest of the pack by a hefty margin.

These include LDO, the native token behind the liquid staking platform Lido Finance, which is up 17.6% over the day.

LDO hit a daily high of $2.45 on Tuesday night but has slipped to $2.30 by press time, per CoinMarketCap.

The token’s latest price action also comes amid the multi-million dollar Solana heist. Lido Finance announced it is “piloting a small onboarding round” to determine how easy it would be to onboard new Lido nodes to the Solana staking ecosystem.

Lido is currently the second-largest DeFi project in terms of total value locked (TVL) behind MakerDAO only, with as much as $7.11 billion of user funds sitting within the protocol, per DefiLlama.

DeFi tokens take flight

SNX, which powers the synthetic-creating platform Synthetix, is following closely with a 14.2% surge in price of the day. SNX enjoyed positive price action on Tuesday too, soaring to $4.11 before backtracking to $3.89 at the time of writing, data from CoinMarketCap shows.

Other notable gainers in the DeFi space include Thorchain’s RUNE, which went up 11.1% over the past day, UNI, the token underpinning decentralized exchange Uniswap (up 8.3%), and CRV, the governance token of Curve Finance (up 10.9% over the span).

Elsewhere, Bitcoin (BTC), the industry’s benchmark cryptocurrency, is up a modest 2.2% over the day, currently changing hands at $23,345.

The price of Ethereum (ETH) jumped 5% over the same period of time, with the asset trading at $1,657 by press time.

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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