Cosmos-based Stride, a protocol within the Cosmos ecosystem, currently holds over 80% of the market share. Despite the bearish trend in the overall market, Stride’s governance token, STRD, has seen a 330% surge in price performance this year. STRD has outperformed both Ethereum (ETH) and the native token of Stride’s rival, Lido (LDO). Nansen’s report highlights that STRD may be undervalued considering its real yield revenues, new value capture mechanisms, and other catalysts that could open up billions of untapped markets for Stride.
The recent launch of the Liquid Staking Module has contributed to STRD’s surge, allowing ATOM stakers to instantly liquid-stake their Tokens without any bonding periods. Since its launch, the number of ATOM tokens liquid-staked through Stride has increased by nearly 30% in just over two weeks. Moreover, the total value locked (TVL) in Stride has experienced significant growth, reaching $36.94 million, with staked ATOM accounting for nearly 80% of these tokens.
Jake Kennis, Senior Research Analyst at Nansen, notes that while the crypto market has seen a general decline, Cosmos-based tokens have displayed both underperformance and notable gains in value. In Q3, BTC and ETH experienced double-digit losses, and Cosmos tokens followed a similar trend, with some coins outperforming while others underperforming. Tokens such as CANTO, ASTRO, and SOMM have outperformed Ether, while tokens like DYDX and INJ have seen negative returns.
Overall, Stride’s performance within the Cosmos ecosystem has been impressive, with its governance token and TVL experiencing significant growth. The launch of the Liquid Staking Module has contributed to this success, attracting more users and increasing the number of liquid-staked ATOM tokens. As the market continues to evolve, Stride has potential for further growth, especially considering its promising value capture mechanisms and untapped market opportunities..
#CosmosBased #Stride #Governance #Token #STRD #Surges #YTD #Outperforming #ETH #LDO
The recent launch of the Liquid Staking Module has contributed to STRD’s surge, allowing ATOM stakers to instantly liquid-stake their Tokens without any bonding periods. Since its launch, the number of ATOM tokens liquid-staked through Stride has increased by nearly 30% in just over two weeks. Moreover, the total value locked (TVL) in Stride has experienced significant growth, reaching $36.94 million, with staked ATOM accounting for nearly 80% of these tokens.
Jake Kennis, Senior Research Analyst at Nansen, notes that while the crypto market has seen a general decline, Cosmos-based tokens have displayed both underperformance and notable gains in value. In Q3, BTC and ETH experienced double-digit losses, and Cosmos tokens followed a similar trend, with some coins outperforming while others underperforming. Tokens such as CANTO, ASTRO, and SOMM have outperformed Ether, while tokens like DYDX and INJ have seen negative returns.
Overall, Stride’s performance within the Cosmos ecosystem has been impressive, with its governance token and TVL experiencing significant growth. The launch of the Liquid Staking Module has contributed to this success, attracting more users and increasing the number of liquid-staked ATOM tokens. As the market continues to evolve, Stride has potential for further growth, especially considering its promising value capture mechanisms and untapped market opportunities..
#CosmosBased #Stride #Governance #Token #STRD #Surges #YTD #Outperforming #ETH #LDO
