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CryptosHeadlines

07/03/2024

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Lido Plans to Decentralize Amid SEC Allegations

Lido, a leading liquid staking provider, is preparing for a significant change. It plans to integrate a diverse set of Ethereum node operators to enhance its staking protocol.Get Instant 100,000 CHIKA Tokens...

Lido Plans to Decentralize Amid SEC Allegations

Lido, a leading liquid staking provider, is preparing for a significant change. It plans to integrate a diverse set of Ethereum node operators to enhance its staking protocol.

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This decentralization effort comes at a time when Lido is facing serious allegations from the United States Securities and Exchange Commission. How will this move impact the sector? What underlying factors are driving this decision? Let’s explore!

Lido Prepares for Decentralization Amid SEC Allegations

Lido is taking important steps to achieve decentralization, starting with the launch of the Community Staking Model on the Holesky test network. This initiative aims to provide a permissionless entry for node operators, promoting inclusivity for solo stakers and amateur operators. Ultimately, this move will diversify the node operator set.

In the midst of these developments, Lido is facing serious allegations from the SEC. In a lawsuit filed against Consensys, an Ethereum software provider, the SEC implicated Lido’s liquid staking token, stETH, as an unregistered security. Notably, stETH has a market cap of $33 billion and commands over 29% of the total 33.3 million staked ETH. Additionally, Lido remains a leading DeFi protocol by Total Value Locked (TVL).

Lido Decentralization and SEC Scrutiny: Impact on Market Performance

Lido’s decentralization efforts and SEC allegations are two major factors capable of influencing the Lido market. The governance token of Lido, LDO, has seen a decline of 6.3% in the past 24 hours, currently trading at $1.92 with a market cap of $1.7 billion. Notably, the token has experienced a decline of over 19.7% in the last 30 days.

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The big question is whether Lido’s decentralization move can help it overcome the difficulties it is facing due to the SEC scrutiny. This remains to be seen as the market continues to respond to these significant developments.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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