👀Lido Completes Last Major Token Unlock
Lido's final token unlock released 8.8M LDO, equating to 1% of the token's supply, into circulation. While the broader markets appear hedged for downside risk, with LDO's price dropping 7% in the past 24 hours, some analytics believe the unlock is a bullish milestone for the project.
Data from Bitwise shows that Uniswap beat out the spot trading volume on top U.S. exchange, Coinbase, for the first time in Q1 2023 before extending its lead last quarter. Spot volumes on Coinbase are down 83% since Q4 2021, while Uniswap has retained half of its activity over the same period.
✍️ In today’s newsletter:
- Traders prepare for 8.5M LDO tokens entering the market
- Uniswap outpaces Coinbase by spot volume in 2023
📈 Markets in last 24 hrs:
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Lido Set To Complete Final Token Unlock
TLDR Lido's final major unlock event released 8.8M LDO tokens into circulation on Aug. 25, increasing the token's supply by 1%. Lido said the tokens were sold to Dragonfly Capital last August to ensure runway amid the bear trend.
SO WHAT Despite driving a bearish pullback over the short term, the unlock strengthens the bull-case for LDO by guaranteeing the token's circulating supply will not experience significant dilution in the future. Moving forward, just 0.027% of LDO tokens earmarked for early investors will remain locked until April 2024.
READ MORE: Lido Set To Complete Final Token Unlock
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Uniswap Spot Volume Surpassed Coinbase In 2023
TLDR Uniswap is consistently beating out the leading U.S. exchange, Coinbase, by quarterly spot trading volume this year. The milestone shows Uniswap has cultivated a stickier userbase that its centralized counterpart, with activity dropping 50% from Q4 2021 on the DEX compared to 83% on Coinbase.
SO WHAT The data serves as a boon to DeFi by showing that a bluechip decentralized protocol can go toe-to-toe with a leading centralized rival and come out on top. Uniswap will be looking to extend its market dominance with the upcoming launch of its v4 iteration and UniswapX DEX aggregator.