In a significant recent development, Alex Svanevik, CEO of Nansen.ai, has transferred the remaining $2.89 million worth of $LDO to Coinbase.
This move, made just 20 minutes ago, follows his earlier receipt of 5 million $LDO, valued at approximately $4.91 million, on December 17, 2020. Svanevik, a prominent initial member of the Lido DAO, has been a key figure in the Lido ecosystem.
Alex Svanevik(@ASvanevik, the CEO of @nansen_ai) deposited the ramaining 3M $LDO($2.89M) to #Coinbase 20 minutes ago.
Alex Svanevik is an initial DAO member of #Lido and received 5M $LDO($4.91M) on Dec 17, 2020.https://t.co/anfEfKByjv pic.twitter.com/lTYDXJf8kf
— Lookonchain (@lookonchain) September 6, 2024
Moreover, recent data from Scopescan reveals that address 0x435 has received 6,000 $ETH, equating to about $14.26 million, from LidoFinance. All of these funds have been subsequently deposited into Binance, suggesting a significant shift in liquidity.
These developments come at a time when Lido’s Total Value Locked (TVL) has seen a notable decline. Over the past month, the TVL has dropped from $32 billion to $23 billion. This decline coincides with a decrease in the price of Ethereum, which has fallen to $2,300. The sharp fluctuations in both TVL and ETH prices underscore the volatile nature of the cryptocurrency market and highlight the ongoing adjustments within major DeFi platforms like Lido.
Address 0x435 received 6K $ETH ($14.26M) from @LidoFinance and deposited all of them to #Binance.
TVL of Lido has dropped from $32B to $23B in the past month while price of $ETH dropping to $2.3K.
moneyflow:https://t.co/QApucKydbl
Follow @ScopeProtocol and @0xScopescan for… pic.twitter.com/ap2UYTv4hA
— Scopescan (@0xScopescan) September 6, 2024
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.