Interpreting the Market Structure of LDO: What Changes Have Occurred in the Past Year?

Over the past year, LDO has consistently performed well, despite its unusual price trends. Riyad Carey, a researcher at Kaiko, analyzed the market structure changes of LDO over the past year and noted that the biggest change occurred when LDO was listed on Binance, causing DEX trading volume to drop from 98.7% market share to 25% in just a few days.

Poloniex is one of the first CEX to list LDO, despite its small registration volume. The overall trading volume didn’t take off until two months after Binance’s listing, reaching its peak in February 2023. Uniswap V3 now dominates LDO DEX trading volume, registering nearly $60 million next week, while Sushiswap has only $1 million. Although LDO liquidity was affected after the FTX crash, like other tokens, it rebounded quickly. In USD terms, it only took two weeks for LDO to recover its liquidity level before the FTX incident.

On-chain data shows significant growth in LDO holders in recent months. It took 10 months to reach 10,000 holders, 11 more months to reach 20,000, and only 5 months to reach 30,000 holders. In addition, Lido’s treasury of LDO has shrunk since May 2021 as it has paid out rewards and other fees to LPs. Currently, there is a significant increase in small holders, while most large holders’ addresses remain unchanged.


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