Dragonfly Capital Increases Investment in Lido Protocol
On March 2, according to the data disclosed by the chain analyst Lookonchain, Dragonfly Capital has transferred 3.6 million LDOs to Coin An, with a value of ab…
On March 2, according to the data disclosed by the chain analyst Lookonchain, Dragonfly Capital has transferred 3.6 million LDOs to Coin An, with a value of about $10.44 million. Up to now, three addresses of Dragonfly Capital have a total of 21.65 million LDOs, with a value of about $63 million. The purchase costs of related addresses are $0.75, $2.43 and $1.52, respectively. If they are sold at the current price, they will gain greater profits.
Data: Dragonfly Capital transferred 3.6 million LDOs to Coin An
Interpretation of the news:
Dragonfly Capital, a venture capital firm that focuses on investing in innovative and decentralized technologies, has increased its investment in Lido Protocol, according to data disclosed by Lookonchain, a chain analyst. On March 2, Dragonfly Capital transferred 3.6 million LDOs to Coin An, with a value of approximately $10.44 million. This move signals the firm’s confidence in Lido’s technology and its potential for growth in the decentralized finance (DeFi) market.
Lido Protocol is a decentralized staking platform that allows users to stake their Ethereum (ETH) for a variety of purposes, such as earning rewards or participating in governance activities. Lido’s approach to staking is unique because it uses a tokenized approach, allowing users to receive a tokenized representation of their staked ETH. This token, called stETH, is transferable and can be used in other DeFi protocols.
Dragonfly Capital’s investment in Lido Protocol is not new. The firm already holds a significant amount of LDOs, with a total of 21.65 million LDOs across three addresses. At the current price, these LDOs have a value of approximately $63 million. What is notable is that the purchase costs of these addresses were relatively low, with the highest cost being $2.43 per LDO.
The fact that Dragonfly Capital is still investing in Lido Protocol suggests that the firm believes the platform’s potential for growth is significant. With more users looking to participate in DeFi activities, there is a growing demand for staking services like Lido. Additionally, Lido’s tokenized approach could make it easier for users to access their staked ETH and use it in other protocols.
In summary, Dragonfly Capital’s recent investment in Lido Protocol demonstrates the firm’s confidence in the platform’s technology and its potential for growth in the DeFi market. With its unique approach to staking and a growing user base, Lido Protocol could become a major player in the DeFi space.
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