Cosmos-Based Stride Dominates the Market
A recent report by Nansen reveals that Stride, a protocol based on the Cosmos network, currently holds more than 80% of the market share within the Cosmos ecosystem. Despite the bearish trend in the market, Stride’s governance token, STRD, has experienced a significant surge of 330% year-to-date. In fact, STRD has outperformed both Ethereum (ETH) and Lido (LDO), a rival in the Liquid Staking Derivatives (LSD) space.
Undervalued Potential
Nansen’s analysis suggests that STRD may be undervalued, considering its real yield revenues for stakers, new value capture mechanisms through transaction fees and MEV, and other upcoming catalysts that can expand Stride’s addressable market to untapped billions. With a market cap of approximately $72.29 million and an FDV of $82.58 million, STRD’s FDV/TVL ratio is just 2.1.
Liquid Staking Module Boosts STRD Performance
The recent launch of the Liquid Staking Module has contributed to STRD’s outperformance. This module enables ATOM stakers to instantly liquid-stake their tokens without any bonding periods. Since its launch, the number of liquid-staked ATOM tokens through the protocol has increased by nearly 30% in just over two weeks. Additionally, Stride’s total value locked (TVL) has seen significant growth this year.
Cosmos-Based Tokens Show Mixed Performance
According to Jake Kennis from Nansen, the crypto market as a whole experienced a decline, with top assets like BTC and ETH registering double-digit losses. Cosmos-based tokens followed a similar trend, displaying increased volatility. Some tokens, however, have outperformed Ether, including CANTO (50.86%), ASTRO (19.3%), SOMM (17.5%), DYDX (-5.7%), and INJ (-6%).
Hot Take: Stride’s STRD Surges Ahead
Despite the overall market decline, Stride’s STRD token has defied expectations with its impressive performance. With its dominance in the Cosmos ecosystem, undervalued potential, and the success of the Liquid Staking Module, STRD has outperformed major players like Ethereum and Lido. This highlights the growing demand for liquid staking solutions and showcases Stride as a key player in this space. As the Cosmos network continues to evolve and attract more users, Stride’s upward trajectory is likely to continue.
Owen Patter is a distinguished crypto analyst, accomplished researcher, and skilled editor, leaving a notable imprint on the cryptocurrency landscape. As a proficient crypto analyst and researcher, Owen delves into the intricate realms of digital assets, offering insights that resonate with a diverse audience. His analytical acuity is harmoniously paired with adept editorial skills, allowing him to transform complex crypto information into easily comprehensible content. Owen’s contributions serve as a valuable guide for both seasoned enthusiasts and newcomers, aiding them in navigating the dynamic world of cryptocurrencies with well-researched perspectives. With a meticulous commitment to precision, he empowers informed decision-making in the ever-evolving crypto domain.
