A Paradigm wallet address, 0x566, has just transferred 10M LDO tokens or $8.4M worth to 0xC4D. Historically, 0x566 has only been used to transfer LDO tokens, with their past transfers sending over 40M LDO tokens or $54M worth to Coinbase Prime wallets via the deposit address, 0xf7f, presumably for sale. Paradigm’s wallets still hold another 10M LDO tokens, as their largest public holding.
Despite maintaining its position as the largest liquid staking protocol on Ethereum, Lido continues to lose market share to centralzied competitors such as Binance and OKX, as well as restaking protocols such as EigenLayer and EtherFi.
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