Monday, September 25, 2023
HomeEthereumEthereum-based liquid staking solution Lido announces the integration of Chainlink Price Feeds

Ethereum-based liquid staking solution Lido announces the integration of Chainlink Price Feeds

EthereumLargest staking platform, Lido, soon announcement Adoption of stETH / USD Chain link Price feed.

stETH Is the platform’s tokenized form of bet Ethereum, which combines the value of bet deposits with the rewards of bets.

The next wave of integration for Lido’s bet assets

“Lido is the first sponsor of a series of chainlink price feeds, announcing the ability to enable the DeFi protocol across major blockchains to support Lido’s bet assets quickly and securely. I read the announcement.

According to the announcement, the integration of Chainlink Price Feeds is expected to extend the usefulness of stETH.

Users can deploy stETH as collateral for DeFi while earning staking rewards from Lido.

“The integration of Chainlink PriceFeeds is an important step in supporting the next wave of integration of Lido’s bet assets, such as within the money market and certain yield farming apps,” commented Vasiliy Shapovalov, a P2PCTO and Lido DAO member.

“Chainlink is an effective enabler of the DeFi protocol, which aims to quickly and safely add support for assets such as stETH, eliminate manual processes, and mitigate security risks associated with the use of unproven Oracle solutions. It works for, “explains Shapovalov.

Expanded support for chainlink price feeds

Chainlink’s blockchain-agnostic Oracle solution is consistent with Lido’s multi-chain expansion agenda.

Lido has unveiled plans to expand support for Chainlink Price Feeds, including bLUNA and stSOL’s decentralized price oracle, as well as new blockchain assets such as Polkadot, Avalanche and Matic that Lido will add support for.

“In addition to democratizing access to staking rewards, one of Lido’s main value propositions is sacrificing the underlying crypto-economic security that staking assets bring to blockchain and various other protocols. It’s about increasing the usefulness of staking assets without having to do it. “

In addition to chainlink price feeds, the platform is currently looking for ways to automate certain features of Lido’s smart contracts using a chainlink keeper network that leverages unreliable decentralized outsourcing for regular maintenance tasks. I am.

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