📈 Top cryptocurrencies of the week
💵 Lido Dao ($LDO)
Growth from August 6 to 10: +57%
Current price: $1.46
Lido DAO ($LDO) is a decentralized organization (DAO) providing liquid staking services for various blockchains, primarily for Ethereum. Users can stake their tokens through Lido and receive liquid tokens (for example, stETH for Ethereum) in return, which can be freely used in other decentralized finance applications.
Reason for growth: the overall growing background of Ethereum and related altcoins. Also, this week, one of the major investors (the so-called 'whale') acquired 2.72 million LDO, spending about $4.9 million. This is a significant signal of trust in the market and the Lido project from a major institutional player.
💵 Aerodrome Finance ($AERO)
Growth from August 6 to 10: +52%
Current price: $1.20
Aerodrome Finance ($AERO) is a decentralized liquidity pool on the BASE network. Within the blockchain, its usefulness lies in:
✔️ Token exchange: Aerodrome simplifies token exchanges for users with high speed and low fees, so traders searching for such efficient and secure solutions prefer it.
✔️ Liquidity incentive: liquidity providers contribute trading tokens and receive AERO emissions as rewards. These emissions incentivize liquidity providers to contribute to the platform's growth.
✔️ Governance: AERO holders can lock their tokens to receive NFT veAERO, which grants voting rights to influence emission distribution and receive trading fees and other incentives. This governance model with locked votes promotes a decentralized approach to liquidity incentive management.
Reason for growth: Coinbase launched DEX trading integration with the Base blockchain, allowing millions of users to trade directly through the app. Aerodrome Finance and the AERO token, as the leading DEX on Base, received significant momentum from this, their price increased, and trading volume surged by more than 400%.
💵 Mantle ($MNT)
Growth from August 6 to 10: +42%
Current price: $1.03
Mantle Network is a layer 2 blockchain compatible with EVM (Ethereum Virtual Machine), designed to enhance Ethereum's scalability.
Reason for growth: global increase in the value of the main altcoin Ethereum by 20% over the week, on which level 2 projects like Mantle depend, through which transactions are processed faster and at more favorable fees.
💵 Ethena ($ENA)
Growth from August 6 to 10: +34%
Current price: $0.8203
Ethena ($ENA) is a protocol built on Ethereum, focused on creating stable and decentralized synthetic assets. The main goal of the blockchain project is to offer a reliable alternative to centralized stablecoins, such as USDT and USDC, which heavily depend on traditional banking systems and regulatory oversight.
Reason for growth: Also a close correlation with Ethereum. ETH is rising, and along with it, supportive projects to the main blockchain.
💵 Pendle ($PENDLE)
Growth from August 6 to 10: +32%
Current price: $5.32
Pendle ($PENDLE) is a cryptocurrency and decentralized protocol specializing in yield tokenization. It helps users split yield-bearing assets into principal tokens (PT) and yield tokens (YT), allowing for the trading of different coins as separate assets. Pendle primarily operates on Ethereum, Arbitrum, BNB Chain, and Optimism, offering an AMM for trading yield-bearing assets.
Reason for growth: connection with Ethereum.
#topcryptocoins | @kriptaottk
