Staking Tokens Lido, Ethena Surge as Ether’s Upswing Sparks Fresh Accumulation

Lido and Ethena Climb Double Digits as Traders Reenter Ethereum Staking Tokens

Lido (LDO) and Ethena (ENA) surged on Friday, gaining 14% and 15% respectively, as Ethereum staking tokens bounced back from a week-long decline. The rally puts both assets back on track to revisit last week’s highs, driven by renewed confidence and rising trading volumes.

The rebound comes after a sharp pullback earlier in the week, following a sudden shift in sentiment across risk markets. However, with investor focus returning to Ethereum-linked yield protocols, traders appear to be buying the dip.

Momentum for staking tokens was initially sparked in early August after the U.S. Securities and Exchange Commission (SEC) clarified that liquid staking protocols are not considered securities. The announcement was viewed as a green light for DeFi infrastructure, particularly Ethereum-based platforms that rely on staking for yield generation.

Institutional interest has also grown, with staking provider Figment gaining a dominant share of the market — a sign that traditional players are starting to move into the space. Trading activity reflects the renewed interest: ENA trading volume has doubled to $1 billion in the past 24 hours, while LDO has risen 83% to $256 million, according to CoinMarketCap.

The broader crypto market also offered support, with bitcoin (BTC) and ether (ETH) holding key support levels following dovish comments from Federal Reserve Chair Jerome Powell, who hinted at possible rate cuts next month.

Still, challenges remain. The Ethereum validator exit queue stands at over 825,000 ETH — worth approximately $3.8 billion — raising concerns about potential supply pressure if a large portion of these tokens are withdrawn and sold.

Whether this renewed momentum in staking tokens can hold will likely depend on market stability and continued institutional adoption amid evolving macroeconomic conditions.