On June 3, MixBytes, the team of experienced developers, made an official announcement on Twitter about their partnership with decentralised exchange Curve Finance, to provide new Lido pools to Moonbeam. StDOT+xcDOT staking will be supported by the stablecoin pool. Lido pool participants may receive LDO tokens as a result of a proposal by the Lido DAO reWARDS committee for 100,000 LDO.
Lido Finance, developed by MixBytes, is one of the major liquid staking systems in the Polkadot ecosystem. The protocol is presently responsible for over $8 billion in stakes on Ethereum and other networks.
Staking is a method used in the cryptocurrency ecosystem to gain profits without selling shares. Staking is comparable to high-interest savings accounts for your virtual assets in the crypto market. Staking also assists networks in receiving the liquidity required for smooth functioning.
Lido Finance, developed by MixBytes, is one of the major liquid staking systems in the Polkadot ecosystem. The protocol is presently responsible for over $8 billion in stakes on Ethereum and other networks.
Staking on Polkadot using Lido Finance enables customers to earn up to 1 stDOT for each DOT stake. These stDOT tokens have various utilities in the Polkadot ecosystem, including trading, liquidity pools, and collateral position holding.
Additionally, MixBytes, along with Trail of Bits and Quantstamp, is one of the auditors of TVL’s biggest DeFi protocol. The Curve AMM pool will be launched with the help of stDOT+xcDOT.
Moonbeam is a new Polkadot smart contract platform that simplifies the development of natively interoperable blockchain apps in which users may deposit DOT tokens as xcDOT. xcDOT is one of the DOT token iterations based on the XC-20 standard. These tokens provide comparable functions to ERC-20 tokens while keeping cross-chain functionality. The Lido staking protocol may be used to stake xcDOT tokens using LDO.
