Ethereum Lido-Based Liquid Staking Solution Announces Integration of Chainlink Price Feeds
Ethereumthe largest staking platform, Pool, recently announcement Adopt the chainlink stETH / USD price feed.
stETH is the symbolic form of the Staked Ethereum platform, which combines the value of the staked deposit with staking rewards.
The next wave of integrations for Lido’s staked asset
“Lido is delighted to announce that we are now sponsoring the first in a series of Chainlink price feeds to enable DeFi protocols on major blockchains to quickly and securely support Lido’s staked assets,” it read. in the ad.
Chainlink Price Feeds Help Developers Build More Advanced #Challenge applications around a wide range of assets. @LidoFinance integrated #Chain link Price Feeds to bring fair market rates on a global scale to stETH, its version punctuated by #ETH.https: //t.co/gGtdELTTU7
– Chainlink – Official channel (@chainlink) 20 December 2021
According to the announcement, the integration of Chainlink Price Feeds should extend the usefulness of stETH.
While earning Lido staking rewards, users can deploy stETH as collateral in DeFi.
“The integration of Chainlink Price Feeds is an important step in supporting the next wave of integrations for Lido’s stake assets, such as money markets and certain yield farming applications,” commented Vasiliy Shapovalov, P2P CTO and Lido DAO member.
“Chainlink is a tremendous catalyst for DeFi protocols that seek to quickly and securely add support for assets such as stETH, removing manual processes and mitigating the security risks associated with using Oracle solutions. unproven, ”Shapovalov said.
Extend Chainlink Price Feed Support
Chainlink’s blockchain-agnostic Oracle solution aligns with Lido’s multi-chain expansion program.
Lido has revealed plans to expand support for Chainlink Price Feeds, including decentralized price oracles for bLUNA and stSOL, and the assets of new blockchains for which Lido plans to add support, such as Polkadot. , Avalanche and Matic.
One of Lido’s main value propositions, besides democratizing access to staking rewards, is to increase the utility of staked assets without sacrificing the underlying crypto-economic security that these staked assets bring to blockchains and various other protocols, ”noted the announcement.
In addition to Chainlink Price Feeds, the platform is currently exploring how to automate certain functions of Lido’s smart contracts using the Chainlink Keepers Network, which takes advantage of trustless and decentralized outsourcing for regular maintenance tasks.
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