Grim forecasts continue to haunt traditional financial markets. But cryptocurrencies are taking advantage of this time to quietly make their comeback.
The resilience of crypto assets has become evident since the stock market crash in May. As blockchain platforms like LIDO DAO (LDO) and PancakeSwap (CAKE) try to find ways to attract new adherents, a new project, Snowfall Protocol (SNW), has quickly gained traction in the pre-sale. Analysts believe that Snowfall Protocol (SNW) could be the next big thing in the crypto space due to its unique cross-chain capabilities. In this article, we look at the performance of LIDO DAO (LDO), PancakeSwap (CAKE), and Snowfall Protocol (SNW).
LIDO DAO (LDO) demand surges
LDO, the native token of Lido DAO, jumped over 16% in one week to $1.50. After falling below $1 to $0.44 in July, Lido DAO (LDO) has seen an increase of over 240%, according to data from CoinmarketCap. While the current Lido DAO (LDO) price is 86% below the all-time high (ATH) of $11 in November 2021, the token has been attracting investor interest over the past few weeks.
Lido DAO (LDO) has been one of the go-to choices for punters and investors. It is also the largest Ethereum (ETH) staking service. Lido DAO (LDO) service demand skyrocketed ahead of Ethereum’s transition from proof-of-work to proof-of-stake via the September 15 merger. Reports indicate that ETH deposits on Lido DAO (LDO) have increased by 160% from 2022 until September 14th. The platform allows users to stake their ETH while participating in on-chain activities like lending and investing for compound returns.
PancakeSwap (CAKE) holders held back by poor performance
PancakeSwap (CAKE) has been battling crypto bears since gaining huge success in 2021. PancakeSwap (CAKE) token touched an ATH of $44.18 on April 30, 2022. After the crypto market crash in May , PancakeSwap (CAKE) fell to $3.8 in May. 13 and at $2.6 on June 19.
The PancakeSwap (CAKE) token is up over 67% since the June low, but its current price of $4.36 is still over 90% below the ATH.
PancakeSwap (CAKE) is a popular DeFi application that allows users to trade tokens and provide liquidity through crypto-farming and gain fees. Recently, PancakeSwap made headlines about its plans to deploy its mainnet on Aptos, a new blockchain network providing a new layer-1 chain.
The Snowfall Protocol (SNW) attracts new adherents
Snowfall Protocol (SNW) quickly became very popular among traders affected by the poor performance of popular tokens like Pancake Swap (CAKE) and Lido DAO (LDO) following the crypto market crash. The price of Snowfall Protocol (SNW) jumped 80% during the first presale phase. Snowfall Protocol (SNW) tokens were initially launched at $0.005 each.
According to analysts, Snowfall Protocol (SNW) has the potential to become the next 1000x crypto asset. The Snowfall Protocol (SNW) provides a cross-chain bridge for transferring non-fungible and fungible tokens without a hitch.
The Snowfall Protocol (SNW) aims to provide users with an easy and secure way to participate in the DeFi and crypto ecosystem by providing access to a variety of protocols and platforms.
Disclaimer: This is a sponsored article, and the views contained therein do not represent those of ZyCrypto nor should they be attributed to it. Readers should conduct independent research before taking any action related to the company, product, or crypto projects mentioned in this article; nor can this article be considered as investment advice.