Lido DAO Launches Buyback Plan as Trading Volume Surges and VanEck Registers Staked Ethereum ETF
Lido DAO has implemented a buyback framework using idle treasury assets, aiming to reduce circulating supply and bolster token value. This move coincides with a significant increase in Lido's trading and derivatives volume, as well as a surge in its token price. Global asset manager VanEck has registered Lido's Staked Ethereum ETF in Delaware, signaling expansion into yield-generating digital assets.
Lido's 24-hour trading volume jumped nearly 30% to $158.5 million, while derivatives volume surged 45% to $426.9 million, reflecting growing investor interest. Lido's token price climbed 7% to $1.29, building on a 20% rally over the past week, following VanEck's registration of the Lido Staked Ethereum ETF. The SEC's clarification in August, exempting some liquid staking activities from securities registration, has facilitated institutional adoption of Lido. VanEck, known for managing spot Bitcoin and Ethereum ETFs, is now poised to expand its cryptocurrency products, with Lido's staked Ethereum being a key addition.
Analysts predict Lido's LDO token to reach $1.34 to $1.75 this month, with the potential to rise to $2 to $3 by the end of the year, given favorable conditions.
Lido DAO's strategic moves, coupled with increased trading volumes and institutional interest, have positioned the LDO token for potential growth. With VanEck's registration of the Lido Staked Ethereum ETF and the SEC's favorable ruling, Lido looks set to attract more institutional investors, further boosting its token value.
