Cosmos-based Stride protocol currently holds more than 80% of the market within the Cosmos ecosystem, according to a Nansen report. 🚀 Despite the prolonged bearish trend in the market, Stride's governance token, STRD, is up 330% since the beginning of the year. STRD has outperformed the native token of Lido (LDO), a rival to both Ethereum (ETH) and Stride, and a leader in the Liquid Staking Derivatives (LSD) space, in YTD price performance.
Nansen's analysis suggested that STRD was undervalued relative to real return revenues, new value capture mechanisms through transaction fees and MEV, and other short-term catalysts that expanded Stride's addressable market into markets that had not yet reached billions in value. 😯
The token's rise past Ether and LDO can be attributed to the launch of the new Liquid Staking Module, which allows ATOM stakers to instantly liquidate their ATOM without any binding time. Since launch, the number of ATOM tokens liquidated through the protocol has increased by nearly 30% in just over two weeks.
On the other hand, total value locked (TVL) on Stride has experienced significant growth this year, further accelerated by the launch of the liquid staking module on Cosmos Hub. According to DeFiLama data, Stride currently has a TVL of $36.94 million, and staked ATOM accounts for almost 80% of these tokens.
Nansen's analysis suggested that STRD was undervalued relative to real return revenues, new value capture mechanisms through transaction fees and MEV, and other short-term catalysts that expanded Stride's addressable market into markets that had not yet reached billions in value. 😯
The token's rise past Ether and LDO can be attributed to the launch of the new Liquid Staking Module, which allows ATOM stakers to instantly liquidate their ATOM without any binding time. Since launch, the number of ATOM tokens liquidated through the protocol has increased by nearly 30% in just over two weeks.
On the other hand, total value locked (TVL) on Stride has experienced significant growth this year, further accelerated by the launch of the liquid staking module on Cosmos Hub. According to DeFiLama data, Stride currently has a TVL of $36.94 million, and staked ATOM accounts for almost 80% of these tokens.