How to buy and hold LDO with Wigwam
1. Choose a token number that you want to buy
2. Create a wallet, where to store your crypto
3. Pay with credit card
4. Check your crypto in the created wallet
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Lido DAO (LDO) Token Review
The LDO Token is the ERC-20 governance token of LIDO DAO that provides liquidity staking solutions on the Ethereum 2.0 blockchain. The Decentralized Autonomous Organization was founded by Konstantin Lomashuk, Vasiliy Shapovalov, and Jordan Fish in December 2020.
The LIDO has grown rapidly since then, as it now offers liquid staking solutions on other Proof-of-Stake(PoS) blockchains like Polygon, Polkadot, and Kusama. Increasing the value of LDO tokens, which has the power to reshape its ecosystem.
About LIDO DAO
Lido DAO is a Decentralized autonomous organization that provides a way for people to stake their money on different blockchain networks, mainly Ethereum. Founded by three guys in 2020, Lido DAO has lots of financial firms and angel investors behind it.
The idea is to let everyone stake their Ethereum into the Lido liquid staking smart contract and get stETH (tokenized version of staked Ethereum) tokens in return, which show how much they've staked and any potential rewards they might get.
Lido DAO is run by its community through its governance token LDO. Anyone who has LDO tokens can take part in voting to make decisions about the platform. This makes the platform more accessible and more user-friendly for its users.
At first, Lido DAO supported staking for Ethereum and Polygon. But they stopped supporting Solana, so they keep changing to meet the needs of the blockchain space. Lido DAO makes sure its platform is secure and reliable.
LDO Use Cases
The LDO token is the native governance token in the Lido DAO ecosystem allowing token holders to propose and vote on key decisions of its ecosystem. The voting power is proportional to the number of tokens a voter is holding, essentially meaning 1 LDO equals 1 vote. The DAO makes decisions such as:
- Fees price
- Manage Treasury Funds
- Lido’s insurance and development funds
- Assign initial DAO-vetted node operators
- Protocol Parameters
and many more.
LDO, the native token of Lido DAO, has a total supply of 1,000,000,000, and at the time of writing this article, there are currently 890,180,743 LDO tokens in circulation. LDO has a current market capitalization that is around $3,209,763,929, making it an important player in the cryptocurrency market.
Most of the LDO tokens were allocated to the Lido DAO treasury. The rest was divided among investors, initial Lido developers, founders, validators, and signature holders. The breakdown is as follows:
- DAO Treasury: 36.32%
- Investors: 22.18%
- Validators and signature holders: 6.5%
- Initial Lido developers: 20%
- Founders and future employees: 15%
This token is sold on major cryptocurrency exchanges, including Binance, Coinbase, KuCoin, Kraken, and others. This means that anyone who wants to buy LDO can do so from these exchanges.
LDO token’s main purpose is giving its holders governance power and that’s the only utility the token has, which limits its utility and potential value. There are already other governance tokens from other DAOs that have more than one utility and are giving tough competition to LDO.
Lido DAO expanded its ecosystem to various other Proof-of-Stake(PoS) blockchains such as Polkadot, and Solana but due to its limited utility, the governance token still needs to improve its widespread adoption with other chains.
You may buy LDO directly in a Wigwam blockchain wallet or use a centralized exchange as CoinBase, Kraken, or Binance. UniSwap and PancakeSwap are a few of the decentralized exchanges where you can buy LDO coins.
The steps specifics might vary based on the wallet you are using but the general steps will be as follows:
Open your crypto wallet, Navigate to “Manage Token”, and then click on “Add Token” and then enter the LDO token details as follows
- Token Contract Address for LDO:0x5A98FcBEA516Cf06857215779Fd812CA3beF1B32
- Token Symbol: LDO
- Decimal Precision: With 18 Decimals
After entering the token details, click “Save” to add the token to your wallet.
No. Its only utility is a governance token.
It is a cryptocurrency with risks from the crypto market. It is worth noting that Lido DAO’s code is open source, it could prey on a smart contract vulnerability. It's important to
thoroughly investigate before buying LDO as it has only one utility and in case
of hacker attacks the DAO could get compromised.