Lido wstETH (WSTETH) Trading Down 4% Over Last Week

Lido wstETH (WSTETH) traded 0.7% lower against the US dollar during the 24 hour period ending at 8:00 AM E.T. on July 31st. Lido wstETH has a total market capitalization of $13.97 billion and approximately $15.36 million worth of Lido wstETH was traded on exchanges in the last day. One Lido wstETH token can now be purchased for about $3,893.18 or 0.05881762 BTC on major cryptocurrency exchanges. In the last seven days, Lido wstETH has traded 4% lower against the US dollar.

Here is how other cryptocurrencies have performed in the last day:

• KILT Protocol (KILT) traded 1.3% lower against the dollar and now trades at $0.18 or 0.00000267 BTC.
• Aidi Finance (BSC) (AIDI) traded 2.2% lower against the dollar and now trades at $0.0000 or 0.00000000 BTC.
• Zoo Token (ZOOT) traded 2.2% lower against the dollar and now trades at $0.0652 or 0.00000239 BTC.
• CareCoin (CARES) traded 2.2% lower against the dollar and now trades at $0.0809 or 0.00000297 BTC.
• Kitty Inu (KITTY) traded 1.9% higher against the dollar and now trades at $95.84 or 0.00338062 BTC.
• Hokkaidu Inu (HOKK) traded up 1.2% against the dollar and now trades at $0.0004 or 0.00000001 BTC.
• Jeff in Space (JEFF) traded down 2.2% against the dollar and now trades at $2.75 or 0.00010076 BTC.
• Lumi Credits (LUMI) traded down 3% against the dollar and now trades at $0.0129 or 0.00000019 BTC.
• AXIA Coin (AXC) traded 0.1% lower against the dollar and now trades at $13.43 or 0.00048094 BTC.

About Lido wstETH

Lido wstETH’s launch date was December 16th, 2020. Lido wstETH’s total supply is 3,588,421 tokens. Lido wstETH’s official website is www.lido.fi. Lido wstETH’s official Twitter account is @lidofinance.

According to CryptoCompare, “An ERC20 token that represents the account’s share of the total supply of stETH tokens. WstETH token’s balance only changes on transfers, unlike StETH that is also changed when oracles report staking rewards and penalties. It’s a “power user” token for DeFi protocols which don’t support rebasable tokens.

The contract is also a trustless wrapper that accepts stETH tokens and mints wstETH in return. Then the user unwraps, the contract burns user’s wstETH and sends user locked stETH in return.

The contract provides the staking shortcut: user can send ETH with regular transfer and get wstETH in return. The contract will send ETH to Lido submit method, staking it and wrapping the received stETH.”

Buying and Selling Lido wstETH

It is usually not possible to buy alternative cryptocurrencies such as Lido wstETH directly using U.S. dollars. Investors seeking to trade Lido wstETH should first buy Bitcoin or Ethereum using an exchange that deals in U.S. dollars such as GDAX, Gemini or Changelly. Investors can then use their newly-acquired Bitcoin or Ethereum to buy Lido wstETH using one of the aforementioned exchanges.

WSTETH/USD price chart by TradingView