Ether Pushes Past $2,000 as XRP Ruling Excites Markets
Several Layer 1 tokens are soaring as SEC cases are called into question after a favorable XRP ruling.
Ether is trading hands above $2,000, a three-month high, as the market picked up renewed optimism after a U.S. court found that sales of Ripple’s XRP tokens on exchanges and through algorithms .
The token for the world’s computer is up 7.4% and is trading at $2,010 during the Asia morning. Various Layer 1 tokens, such as Solana’s SOL, which has been , have also seen their tokens gain double digits since the ruling was published.
Stellar’s XLM is up 52% in the last 24 hours, while SOL is up 33.8%, MATIC is up 19.5%, and Cardano's ADA is up 25%.
Lido DAO’s governance token is also up 25% in the last 24 hours.
The CoinDesk Market Index (CMI) is at 1,368, up 7.2%.
Bitcoin has also and is now trading at $31,424.
In the last 12 hours, traders liquidated $203 million in short positions,
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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Liquid staking emerged after Ethereum transitioned from a proof-of-work to a proof-of-stake mechanism. Its primary goal is to enhance asset utility by allowing users to earn staking rewards while maintaining the liquidity of their staked positions. Currently, mainstream liquid staking protocols allow users to stake their assets in exchange for liquid staking tokens (LSTs). For instance, by staking ETH on platforms such as Lido, users receive stETH tokens. This approach is commonly referred to as "liquid staking derivatives" (LSDs). Since Binance hinted at collaborating with Sanctum to launch the Solana liquid staking token BNSOL, Sanctum's governance token CLOUD has gained significant attention, rising despite unfavorable market trends. On September 5, Bybit announced its partnership with Solayer to launch bbSOL. Additionally, major exchanges have unveiled plans to introduce Solana LST tokens. EigenLayer also began its second season of airdrop claims this week, with its governance token EIGEN potentially circulating by the end of September. The LSD and restaking sectors are gaining quiet momentum, potentially setting the stage for a new wave of hype around restaking within the SOL ecosystem.
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