21Shares launches Lido DAO-based ETP

The cryptocurrency ETP provider 21Shares expanded its lineup of instruments to an exchange-traded product based on Lido DAO (LDO).

Investors will have the opportunity to take on the risk of price changes of the market’s leading liquid-staking token.

21Shares described the product as the riskiest, citing market volatility and regulatory uncertainty.

The 21Shares Lido DAO ETP is available to clients in 21 countries and has been listed on platforms such as BX, the SIX Swiss Exchange, and the Stuttgart Stock Exchange.

Management fee is 2.5%, success fee — 0%.

AUM of the product amounts to $81,690. Overall, across all 37 crypto-ETPs, the company manages over $1.1 billion.

According to the dashboard on Dune Analytics, more than 20 million ETH are staked in Lido. The provider accounts for 31.6% of the market, with 7.18 million ETH.

According to DeFi Llama, TVL of the project stands at $12.71 billion. By this metric the protocol ranks first, more than twice ahead of its nearest competitor MakerDAO ($5.8 billion).

Back in May, the Lido Finance team rolled out the second version of the protocol after a successful community vote.