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On-Chain Insights: LSDfi Token Accumulation and Yuga Labs NFTs
Key Takeaways
2 min read
  • Following Lido's enabling of staking withdrawals from the Beacon Chain yesterday, Smart Money has continued accumulating both stETH and LDO.
  • Similarly, the Frax Ecosystem has also seen buying pressure for its FXS and sfrxETH tokens, hinting that LSDfi is showing signs of the narrative heating up again.
  • Blur's announcement for lending of MAYC and BAYC saw both collections topping the NFT Hot Contracts dashboard today.

LSDs and Post-Shapella ETH Accumulation

With Lido V2, which enables user withdrawals, going live yesterday and failing to have any impact on withdrawal volume, the total amount of ETH locked on the Beacon Chain continues to climb to new highs. This has shown that the elimination of unstaking risks has outweighed the potential selling pressure from withdrawals, resulting in Smart Money accumulating ETH and various LSD tokens in a shift of sentiment post-upgrade.

Lido Ecosystem

Lido's ecosystem dominates today's Smart Money inflow dashboard, as stETH, LDO, and wstETH all topping the charts today, with $4.52m, $4.08m, and $1.02m increase in Smart Money holdings. Although, LDO's increase in Smart Money balance was primarily due to...