Cosmos-based Stride has been experiencing a surge in its governance token – STRD – which has increased 330% year-to-date. According to a recent Nansen report, the protocol currently commands more than 80% of the market share within the Cosmos ecosystem. STRD has surpassed both Ethereum (ETH) and the native token of Lido (LDO) in YTD price performance. The latter is Stride’s rival and a leader in the Liquid Staking Derivatives (LSD) space.STRD has a market cap of around $72.29 million and an FDV of $82.58 million, making its FDV/TVL ratio just 2.1. Nansen suggests that STRD may be undervalued considering its real yield revenues towards STRD stakers, its new value capture mechanisms through transaction fees, and MEV, in addition to other near-term catalysts that increase the addressable market of Stride to billions of untapped markets.The surge of STRD can be attributed to the recently launched Liquid Staking Module that enabled ATOM stakers to instantly liquid-stake their ATOM without any bonding periods. Since launching, the number of ATOM tokens liquid staked through the protocol has increased by almost 30% in just over two weeks. The total value locked (TVL) in Stride has also experienced significant growth this year.According to Jake Kennis, Senior Research Analyst at Nansen, the crypto market witnessed a general decline, with top assets registering double-digit losses. Cosmos-based tokens followed a similar trajectory, displaying increased volatility as some underperformed while others exhibited notable gains in value. CANTO, ASTRO, SOMM, DYDX, and INJ have all outperformed Ether.

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Information	Details
Geography	Global
Countries
Sentiment	positive
Relevance Score	8
People	Jake Kennis
Companies	Binance, DeFiLama, Nansen, PrimeXBT, Cosmos, CryptoPotato
Currencies	Cosmos Hub, Lido DAO, Bitcoin, Ethereum, strd
Securities	None