Ethereum's rise in price has brought a newcomer to the top 10 cryptocurrencies
The top 10 largest cryptocurrencies by capitalization changed with Ethereum's rise in price
Despite Dogecoin's rise, the Lido Staked Ether token overtook the meme coin by market capitalization and came in at No. 8
The top 10 largest cryptocurrencies changed with the rise of Ethereum (ETN). The token Lido Staked Ether (stETH) overtook Degocoin (DOGE) in market capitalization on April 14, moving up to No. 8 in the top 10 assets.
Lido Staked Ether is a token issued by the Lido stacking platform to users who have staked Ethereum. In exchange for inputting ETH, the platform gives out stETH tokens in a 1:1 ratio. Stacking income is also accrued in them.
The stETH tokens give users the liquidity of their underlying positions in decentralized finance (DeFi) protocols.
Lido Staked Ether rose at the same time as Ethereum. According to CoinGecko, the token has gained 7% in a day, rising to $2,100. Its market capitalization has reached $12.5 billion, which corresponds to the price of ETH staked on the Lido platform.
Despite the fact that Dogecoin showed a growth of 6.5% in the last 24 hours, the capitalization of stETH exceeded that of the meme coin, pushing it to 9th place among the leading digital assets.
Stacking platforms' native cryptocurrency exchange rates also rose. The management token Lido DAO (LDO) gained 7.9% overnight, while Rocket Pool (RPL), an asset of a competing service, added 16.7%.
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