- DAO’s see massive pump over the last week and month.
- ETH staking has led to a massive surge for many DAO’s.
- Ether holders invested ETH into many ETH-related projects and are now seeing gains.
DAO’s have been seeing a major pump recently. The reason behind this sudden surge in DAOs can be traced back to Ethereum staking initiatives within the Ether (ETH) holders community.
The reason behind the massive DAO pump within the crypto community is explored by one enthusiastic crypto fan on the CryptoCurrency Reddit thread. The user goes into detail in explaining how these DAO pumps are coming into play now.
Specifically, the user says that this phenomenon is finally taking place because many crypto stakers in the market have been staking their ETH for a very long time. Now, the time for them to get their rewards has arrived after a long and patient wait on their part.
The user says that the wait comes from the time when Ethereum’s developers stated setting up a date for its upcoming Shanghai upgrade. This upgrade was for the Ethereum Proof-of-Stake consensus method. This upgrade would enable stakers to finally collect their staking rewards.
It is due to this statement that many have got their relief in knowing that they can finally unstake their Ether. This is when many began investing their ETH in ETH-related DAOs and services.
According to the Reddit post, five DAO projects have surges. To highlight, Lido surged by 86% and BitDAO surged by 50% since the past month. Likewise, MakerDAO, CurveDAO, and AAVE all surged by 21%, 16%, and 11% respectively over the last week alone.
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However, BitDAO’s case is a little different as its price surge can be connected to its community voting on a 50-day buy-back program. From this vote, the organization will buy $100 million worth of its own native token.
Despite this, it is clear that all these DAO’s have seen some sort of progress. The user even goes on to state that they expect to see the surge in these prices to continue soaring all the way till March. Lastly, the user states that this event reminds them of the positive market sentiment from back in the summer of 2021.
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