Ethereum’s largest betting platform Lido recently announced the adoption of stETH / USD Chainlink Price Feed.
stETH is the tokenized form of the staked Ethereum platform, which combines the value of the deposit wagered with rewards wagered.
The next wave of integrations for the Lido asset
“Lido is pleased to announce that we are now sponsoring the first in a series of Chainlink pricing channels to enable DeFi protocols on leading blockchains to quickly and securely support Lido staked assets,” the statement reads. advertisement.
Chainlink Price Feeds helps developers build more advanced #DeFi applications around a wide range of assets. @LidoFinance has integrated #Chainlink Price Feeds to bring fair and accurate market rates globally to stETH, its stagnant version of # ETH.https: //t.co/gGtdELTTU7
– Chainlink – Official Channel (@chainlink) December 20, 2021
According to the announcement, the integration of Chainlink Price Feeds is expected to extend the usefulness of stETH.
While earning Lido gambling rewards, users can implement stETH as collateral on DeFi.
“The Chainlink Price Feeds integration is an important step in supporting the next wave of integrations for Lido-owned assets, such as within money markets and certain agricultural performance applications,” commented Vasiliy Shapovalov, P2P CTO and Lido member. DAO.
“Chainlink effectively serves as a great enabler for DeFi protocols that seek to quickly and securely add support for assets like stETH, eliminating the manual process and mitigating the security risks associated with using untested Oracle solutions,” said Shapovalov.
Chainlink Price Sources Support Expanded
Chainlink’s blockchain agnostic Oracle solution aligns with Lido’s multi-chain expansion agenda.
Lido revealed its plans to expand Chainlink Price Feeds support, including decentralized pricing oracles for bLUNA and stSOL, and assets from new blockchains that Lido plans to add support for, such as Polkadot, Avalanche, and Matic.
“One of Lido’s main value propositions in addition to democratizing access to stake rewards is to increase the utility of joint assets without sacrificing the underlying crypto-economic security that those joint assets bring to blockchains and various other protocols. ”The ad underlined.
In addition to Chainlink Price Feeds, the platform is currently exploring how to automate certain functions of Lido smart contracts using Chainlink Keepers Network that takes advantage of trustless and decentralized outsourcing for regular maintenance tasks.
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Ethereum-based Liquid Equity Solution Lido Announces Chainlink Price Feeds Integration