The day has arrived. Today, we are thrilled to list Lido against ETH on your gas-free, high-speed DeversiFi platform. DeversiFi and Lido have exciting plans together, with this listing representing stage one in a long-term integration of Lido’s stETH into DeversiFi. Read on to learn more!
As you know, we recently began talks with the Lido DAO community scoping out a three stage plan to fully integrate stETH (yield bearing ETH) into the high-speed, gas-free DeversiFi platform. This will allow people to engage with ETH 2.0 through stETH (earning rewards in the process) without the limitations of layer-1 Ethereum.
Following positive discussions, our proposal was submitted to Lido’s snapshot page for a vote with the final process being completed last Monday.
What is the TL;DR?
Stage One: DeversiFi lists an LDO/ETH pair, ensuring good liquidity for traders of DeversiFi to be able to access and get involved with LDO.
Stage Two: While these markets are developing, DeversiFi will additionally list stETH. During this time, DeversiFi will create a tailored UI built specifically for stETH, representing the lending process (ETH for yield-bearing stETH).
Stage Three: 250,000 LDO will then be used to incentivise stETH liquidity with any user who lends ETH for stETH receiving a pro-rata distribution of LDO tokens (in addition to the automatic rewards for holding stETH).
What is Lido?
Simply put, Lido is one the largest, most popular and well-backed staking solutions for ETH 2.0. Lido allows you to stake your ETH without needing to have your assets locked or made illiquid. Lido’s representation of staked ETH is called ‘stETH’. This is a yield-bearing, ETH token.
What is LDO?
LDO is the native governance token of the Lido ecosystem. It is used to vote on proposals and decide the future direction of Lido and stETH, as well as to adjust key parameters such as fees.
LDO is additionally used as a growth tool for community bounties and liquidity incentivisation as recently seen with their partnerships with Curve, 1inch, ARCx and now DeversiFi.
What is stETH?
stETH (shorthand for staked ETH) is a token which represents a user’s ETH being staked in ETH 2.0. With stETH being a separate token (but a representation), it means users who never actively staked ETH can buy and sell stETH, or otherwise lend their ETH for stETH.
Due to being staked in ETH 2.0, the stETH token accrues rewards making it a much more attractive asset than ETH alone if you’re simply storing your ETH, or in a growing number of examples, if you are providing liquidity as well.
READ MORE ON LIDO 👇
➡️ WEBSITE
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➡️ TWITTER
➡️ FAQ
➡️ GITHUB
➡️ TELEGRAM
We will be hosting an AMA and/or video Q&A with the Lido team later in the week. Make sure to check out all the links above ahead of time and join our discord so you don’t miss out!
