Lido Finance Ceases Solana Support
Lido Finance, the liquidity staking platform, has stopped its Solana liquid staking service following a unanimous vote in favor of the proposal by its community members. This decision has caused a ripple effect in the cryptocurrency market, particularly impacting the price of Cardano.
Cardano Prices Decline
The price of Cardano (ADA) has experienced a significant decline, leading to concerns and panic among investors. ADA is currently holding steady above the $0.24 support level, despite the overall uncertain market conditions. Analysts are closely observing ADA’s symmetrical triangle pattern, speculating a potential 5.5% rally to $0.258 if it maintains its position above the lower trend line. In the event of a breakout from the triangle, experts anticipate a 15% surge, potentially pushing ADA to $0.3.
Everlodge Introduces Innovative Staking Program
Amidst these market developments, a new project called Everlodge has emerged, offering a unique staking opportunity to crypto enthusiasts. Everlodge is in the process of developing a groundbreaking marketplace that allows individuals to invest in luxury properties such as hotels, vacation homes, and villas with minimal capital requirements.
The Everlodge marketplace combines fractional ownership of vacation homes with cutting-edge non-fungible token (NFT) technology. This integration enables users to exchange their NFTs on Everlodge’s platform or other marketplaces that support ERC-721 tokens. Additionally, investors have the option to stake the Everlodge native token (ELDG) to earn passive income.
In Everlodge’s ongoing presale Phase 5, ELDG tokens are available at a price of $0.02. Analysts are optimistic about potential price gains following the official launch of Everlodge’s marketplace, making this an attractive opportunity for early investors.
Solana Experiences Price Surge Despite Lido Finance Decision
Despite the decision by Lido Finance to cease its Solana liquid staking service due to revenue concerns, the price of Solana (SOL) has seen an upward trend. Lido Finance made this difficult decision after a vote by LidoDAO on October 6, prioritizing the stability of its ecosystem.
Lido Finance had started accepting Solana staking requests on October 16, and current stSOL holders have until February 4, 2024, to unstake. After this date, CLI (Command Line Interface) will be the method for unstaking SOL tokens. Despite these developments, SOL prices have increased by 8.5% in the weekly chart and an impressive 25.8% in the past month, demonstrating the resilience of the Solana network.