Staking Solution Lido CAD LDO/USD and proof-of-work blockchain Classic Ethereum ETC/USD were the best performing cryptocurrencies last month, posting triple-digit gains in July. The positive price action was largely driven by optimism around the Ethereum ETH/USD Merger, causing increased retailer interest in LDO and ETC.
|Cryptocurrency||Variation in % over 7 days (+/-)||Maximum Value of All Time/Date Reached||% change (+/-) from all-time high|
|Lido CAD (YES)||+383.30%||$7.30 on August 20, 2021||-70%|
|Ethereum Classic (ETC)||+154%||$167.09 May 06, 2021||-78%|
|aspire.finance (YFI)||+113%||$90,786 May 12, 2021||-87%|
|Polygon (MATIC)||+105.55%||$2.92 on December 27, 2021||-68%|
|filecoin (THREAD)||+105%||$238.84 April 1, 2021||-95%|
LDO increased by 215% in a week after Ethereum developers proposed a tentative date for the transition of the network to Proof-of-Stake. LDO is the native token of Lido DAO – a liquid staking solution for Ethereum. As the PoS transition approaches, more and more users are looking to participate in ETH staking and participate in the blockchain network while earning rewards.
Lido’s staking solution has already blocked over $5 billion worth of ETH on behalf of users around the world, according to glass knot. Over the past month, LDO has risen 383%, hitting a three-month high of $2.47.
Another coin at the center of merger optimism is Ethereum Classic. ETC rose 154% in July on the anticipation that ETH miners would switch to the ETC blockchain after the merger.
Ethereum Classic’s hash rate hit an all-time high of 32.95 TH/s on July 30, suggesting that some miners have already started migrating. Founder of Ethereum Vitalik Buterin also approved ETC as “a totally fine chain”indicating that users who preferred proof of work should use blockchain.
Yearn Finance recovers $10,000
#YearFinancethe price of bounced above $10,000 for the first time since May 16 as the #Challenge the asset has decoupled from #altcoin pack. Keep an eye out for addresses holding $1 million or more in $YFIbecause their assets have diminished. https://t.co/YJsG2GI4oL pic.twitter.com/djmoIgnJB3
— Santiment (@santimentfeed) July 29, 2022
The native price token of aspire.financeYFI/USD broke above an important resistance level of $10,000 and is currently trading above $11,371, according to data from BenzingaPro. However, Santiment analysts observed whales showing signs of profit taking as addresses holding more than $1 million of YFI reduced their holdings.
Filecoin buys into the hype of NFT storage
Decentralized storage system filecoin IDF/USD saw a breakout rally to a five-week high of $11.24. FIL’s massive rally took place on the last weekend of the month after the platform introduced NFT storage for NFTs and metadata.
Supported by 30,000 users, @nft_storage is the recommended method for protecting digital assets and metadata through content addressing and decentralized storage.
Check out the NFT storage service that runs on Filecoin. https://t.co/lx67BrO2QO
— Filecoin (@Filecoin) July 29, 2022