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Liquid Staking Protocol Lido Integrates Chainlink Price Feeds

cryptoknowmics.com 21 December 2021 06:30, UTC
Reading time: ~2 m

Ethereum‘s largest staking platform Lido has announced the integration of Chainlink Price Feeds to enable DeFi protocols across leading blockchain platforms to instantly support staked Lido assets.

Lido Announces Chainlink Price Feeds Integration

On Monday, Ethereum-based liquid staking solution Lido announced the integration of stETH/USD Chainlink‘s Price Feed. With the stETH/USD Price Feed live on Ethereum mainnet, DeFi projects can now refere the Chainlink oracle contract at any time to get the current prices of stETH when executing key on-chain functions.

stETH token represents the platform’s tokenized form of staked Ethereum, which Lido automatically delegates to validators on the Ethereum network. Users earn the normal staking rewards from Lido while also deploying stETH as collateral in DeFi. The latest integration makes it easy for new DeFi protocols to add support for stETH, given they have immediate access to a secure and reliable oracle solution.

Lido also plans to add support for Chainlink Price Feeds for multiple platform initiatives in the future including decentralized price oracles for bLUNA, stSOL, and new blockchains that Lido plans to support such as Polkadot, Avalanche, and Matic.

Commenting on the development, Vasiliy Shapovalov, Lido DAO member, said:

“Integrating Chainlink Price Feeds is an important step in supporting the next wave of integrations for Lido’s staked assets, such as within money markets and certain yield farming apps. Chainlink effectively serves as a great enabler for DeFi protocols looking to quickly and securely add support for assets like stETH, removing manual process and mitigating security risks around using unproven oracle solutions.”

FLOKI Recently Integrated Chainlink Price Feeds

Chainlink Price Feeds are the quickest way to connect smart contracts to the real-world market prices of assets as they enable smart contracts to retrieve the latest price of an asset in a single call. Currently, Chainlink secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains.

Just yesterday, FLOKI announced integration of Chainlink Price Feeds on the ETH and BSC blockchains to get access to high-quality, tamper-proof price feeds for accurate on-chain price.

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