Lido Financial News

The digital asset management firm Grayscale added Lido liquid staking protocol’s governance token to its DeFi fund.

Lido Finance, a decentralized liquid staking platform, is ending its Solana (SOL) operations after the DAO community voted in favor of sunsetting the Lido on Solana protocol.

A group known as the P2P team has requested $1.5 million in funding from the popular staking provider Lido DAO to further develop Lido’s staking service for the Solana (SOL) network.

On-chain redemptions of 30,000 staked Ether (stETH) tokens by Chinese crypto entrepreneur and Tron founder Justin Sun has caused concern among users of the ETH staking provider Lido.

The Ethereum staking provider Lido has proposed a staking mechanism for its native LDO token in an effort to boost the utility and financial sustainability of the token.

Lido token (LDO), the utility and governance token for the Lido Decentralized Autonomous Organization (DAO) that controls Ethereum liquid staking protocol Lido, has seen significant upside volatility in the past few days. LDO, up around 14% in the last seven days, came within a whisker of its highest levels since August 2022 on Thursday after momentarily surpassing the $3.0 per token mark.

Rocket Pool, the third largest Ethereum liquid staking protocol by trade value locked (TVL), has joined forces with Coinbase Ventures. According to an announcement on Rocket Pool’s discord channel, Coinbase Ventures will be joining Rocket Pool’s Oracle DAO (oDAO).

Ethereum blockchain is coming under criticism for potentially taking too much control of the network as it undergoes a closely-watched software upgrade. The DeFi, or decentralized finance, platform Lido Finance has become the largest provider of staking services for Ethereum, a practice that allows owners of the Ether cryptocurrency to earn passive income without having to sell their tokens. The staked coins are used to help validate transactions and secure the network in exchange for rewards, based in part on the amount of new tokens minted and fees collected. The practice is also popular among users of leading exchanges such as Coinbase, Kraken and Binance. With more than 4 million Ether deposited through Lido, or 32% of the total amount of the token being staked, the concentration is raising red flags. One entity holding a huge amount of Ether could raise security risks for the network, critics say. Ethereum is moving to what’s billed as a less-energy intensive process known as proof-of-stake from its current proof-of-work mechanism. Under the system upgrade known as the Merge, so-called solo-staking requires setting up dedicated hardware and holding a minimum amount of 32 Ether, valued at about $54,000, based on current prices. Staking services like Lido don’t have those requirements and make staking easier for small investors.