Daily Top Mover — Stader (SD)
Despite lower-than-expected December PPI print and retail sales, major U.S. equity indices fell more than 1% overnight, with the Nasdaq Index snapping a seven-day gaining streak. Meanwhile, the broader cryptocurrency market followed the footstep of equities, with Bitcoin and Ether down 2.59% and 3.93%, respectively, in the past 24 hours as of the time of writing. The top mover for today, Stader, registered a 24-hour return of 9.55%, outperforming the broader market in the wake of a proposal to levy fees on liquid staking on the BNB Chain.
SD is the native token of Stader, the ninth-largest liquid staking provider. As Ethereum staking gains traction, Lido and Rocket Pool, liquid staking providers that focus mainly on Ethereum, see a surge in their total value locked (TVL). By setting itself apart from competitors, Stader is an emerging liquid staking provider that offers liquid staking to alternative Layer 1s, including Hedera, Fantom, and BNB Chain, among others. The recent outperformance comes as Stader proposes to levy liquid staking fees on the BNB Chain, creating greater value for the native token holder. What’s more, SD has registered a 2-week return of 104.4%, in line with its surging TVL since early January.
Check Out the Latest Prices, Charts, and Data for ,SD/USDT,!
Talk of the Town
Amidst a prolonged bear market and Ethereum’s growing dominance, crypto investors have shifted their attention to Layer 2 solutions, including leading Optimistic roll-up solutions Optimism and Arbitrum. Ethereum’s Layer 2 protocol, Optimism, has risen above its main competitor, Arbitrum, in transaction counts since mid-December. As a result, the native token, OP, saw a double in token price in the past month. GMX, the largest DeFi protocol on Arbitrum, saw a large decrease in its TVL, which could have been attributed to a lack of concrete timelines on token airdrops that, in turn, led to an exodus of capital on Arbitrum. Alternatively, Optimism’s diverse DeFi ecosystem and soaring TVL contributed to its recent spiking transaction counts, with Synthetix and Velodrome recording large gains in TVL.
Check out what else is buzzing in the crypto scene today:
U.S. SEC unintentionally leaked 650 crypto miners’ personal information. (,Link,)
Polkadot has released version 3 of its cross-chain messaging format to enhance interoperability. (,Link,)
Source: Bybit Blog