Cosmos-Based Stride Governance Token, STRD, Surges 330% YTD, Outperforming ETH and LDO
Cosmos-based Stride has been on a roll lately. According to a recent Nansen report, the protocol currently commands more than 80% of the market share within the Cosmos ecosystem. Despite the prolonged market-wide bearish trend, Stride’s governance token – STRD – has surged 330% year-to-date. STRD surpassed both Ethereum (ETH) as well as the native token of Lido (LDO) in YTD price performance. The latter happens to be Stride’s rival and a leader in the Liquid Staking Derivatives (LSD) space.
Its analysis suggested that STRD may be undervalued considering its real yield revenues towards STRD stakers, its new value capture mechanisms through transaction fees, and MEV, in addition to other near-term catalysts that increase the addressable market of Stride to billions of untapped markets. However, the token’s surge surpassing Ether and LDO can be attributed to the recently launched Liquid Staking Module that enabled ATOM stakers to instantly liquid-stake their ATOM without any bonding periods. Since launching, the number of ATOM tokens liquid staked through the protocol has increased by almost 30% in just over two weeks. Meanwhile, the total value locked (TVL) in Stride has also experienced significant growth this year, having only accelerated since the launch of the liquid staking module on the Cosmos Hub, according to the blockchain analytics platform.
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