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.
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.
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.