Ethereum
Lido on-chain metrics suggest resilience despite 9% August loss
Despite a sharp price drop, Lido's protocol fundamentals including steady fee generation and rising user activity may limit further downside.
Lido's LDO token fell 9% on August 1, extending losses after the asset had posted over 30% gains in July. The decline coincided with a $414 million drop in the protocol's total value locked, which fell to $17.573 billion.
However, the broader trend suggests the dip may be temporary. Over the past 31 days, Lido recorded roughly $3.247 billion in total inflows—an average daily inflow of about $104.74 million. The latest single-day decline resembles patterns seen throughout this period, raising the possibility that inflows could resume as the market stabilizes.
Several metrics provide support for the protocol. Token holder income hit $2.08 million in July, the highest since the program began, reflecting buyback activity that helps manage token supply. Fee generation remained steady at $1.2 million, near its 30-day daily average of $1.13 million. Daily active users on the network reached 2,900 at the time of reporting, continuing an upward trend.
The holder count did decline by 60 to 86,060, but continued growth in user activity and steady fee generation could reinforce the asset's underlying utility and support the price.
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