Lido Staked ETH token entered the top 10 cryptocurrencies due to the rise in price of Ethereum

Despite the rise of Dogecoin, the token Lido Staked Ether passed the meme coin in market capitalization and came in at number 8. Crypto Upvotes expert review

The top 10 cryptocurrencies changed with the rise of Ethereum (stETH). The Lido Staked Ether (stETH) token overtook Degocoin (DOGE) in market capitalization on April 14. And in doing so, it climbed to 8th place in the top 10 crypto assets.

Lido Staked Ether is a token issued by the staking platform Lido to users. Who have staked Ethereum. In exchange for inputting ETH, the platform gives out stETH tokens in a 1:1 ratio. They are also used to accrue income from staking.

StETH tokens give users the liquidity of their underlying positions. At the same time, they allow users to trade them or use them to generate additional income through various strategies in decentralized finance (DeFi) protocols.

Lido Staked Ether rose at the same time as Ethereum. According to CoinMarketCap, it rose to $2,100 in 24 hours. Its market capitalization reached $12.5 billion, which matches the price of ETH staked on the Lido platform.

Despite the fact that Dogecoin showed a growth of 6.5% in the last 24 hours. Then the capitalization of stETH exceeded that of the meme coin, pushing it to the 9th place among the leading digital assets.

Rates of native cryptocurrency staking platforms also rose. Lido DAO (LDO) management token gained 7.9% over the day, while Rocket Pool (RPL), an asset of a competing service, added 16.7%.