Chainlink is designed to provide decentralized data feeds for off-chain applications. Lido, a liquid staking solution on the Ethereum blockchain has announced integration of Chainlink Price Feeds in order to inform its smart contracts about price conditions and market sentiment. The project also intends to integrate some upcoming ChainLink partners that will help process transactions via their networks so as not require trustless Liquidity Providers like Lido itself
Lido, an Ethereum-based liquid staking solution announced the integration of Chainlink Price Feeds. This will allow Lido users to use their tokens to stake on the network while they sleep.
Lido, Ethereum’s biggest staking platform, just announced that the stETH/USD Chainlink Price Feed has been adopted.
stETH is the platform’s tokenized version of staked Ethereum, which combines the deposit’s value with staking incentives.
The next wave of Lido’s staked asset integrations
The release reads, “Lido is delighted to announce that we are currently sponsoring the first in a series of Chainlink Price Feeds to allow DeFi protocols across major blockchains to swiftly and securely handle Lido staked assets.”
Developers may use Chainlink Price Feeds to create more powerful #DeFi apps based on a variety of assets. #Chainlink Price Feeds have been merged by @LidoFinance to deliver internationally accurate fair-market rates to stETH, its staked form of #ETH. https://t.co/gGtdELTTU7
December 20, 2021 — Chainlink – Official Channel (@chainlink)
The inclusion of Chainlink Price Feeds is intended to increase the usefulness of stETH, according to the statement.
Users may use stETH as collateral in DeFi while getting staking payments from Lido.
“Integrating Chainlink Price Feeds is a critical step toward enabling the next generation of Lido staked asset integrations, such as inside money markets and specific yield farming applications,” said Vasiliy Shapovalov, P2P CTO and Lido DAO member.
“Chainlink successfully acts as a wonderful enabler for DeFi protocols wishing to swiftly and safely add support for assets like stETH, eliminating manual processes and avoiding security concerns associated with employing untested oracle solutions,” Shapovalov said.
Chainlink Price Feeds’ support is being expanded.
Lido’s multi-chain growth strategy coincides with Chainlink’s blockchain agnostic oracle solution.
Lido has disclosed its ambitions to extend Chainlink Pricing Feeds support, including decentralized price oracles for bLUNA and stSOL, as well as assets from other blockchains including as Polkadot, Avalanche, and Matic.
“Along with democratizing access to staking rewards, one of Lido’s major value propositions is to increase the usefulness of staked assets without losing the underlying cryptoeconomic security that staked assets contribute to blockchains and other protocols,” the release said.
In addition to Chainlink Price Feeds, the platform is now investigating ways to use Chainlink Keepers Network to automate some aspects of Lido’s smart contracts, which uses trustless and decentralized outsourcing for routine maintenance activities.
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The “lido staking review” is a solution that uses the Ethereum blockchain to create liquid staking solutions. The Lido team has announced the integration of Chainlink Price Feeds.
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