thecoinrepublic.com
- Chainlink is all set to stretch the utilization of staked assets of Lido; as announced by Lido it is initial in a procession of Chainlink Price Feeds.
- stETH/USD Chainlink Price Feed will be adopted by the biggest staking platform of Ethereum.
- stETH is the tokenized version of the staked Ethereum, where staked deposits’ value is merged with the staking benefits.
Upcoming Stream of Integration for Lido’s Betting Assets
“Lido was thrilled while declaring that they were sponsoring the initial succession of Chainlink Price Feeds to permit DeFi protocols over top blockchains to back staked assets of Lido swiftly and safely,” highlighted the announcement.
Chainlink Price Feeds help developers build more advanced #DeFi applications around a wide range of assets. @LidoFinance has integrated #Chainlink Price Feeds to bring globally accurate fair-market rates to stETH, its staked version of #ETH.https://t.co/gGtdELTTU7
— Chainlink – Official Channel (@chainlink) December 20, 2021
As per Lido’s announcement, it is anticipated that the unification of Chainlink Price Feeds will stretch the utilization of stETH. As the users will earn the rewards by staking, they will be allowed to make use of the stETH as security in Decentralized Finance.
An affiliate of Lido DAO and P2P CTO, Vasiliy Shapovalov made a comment that, “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.” He further explained that, “Chainlink successfully works as a significant facilitator for DeFi protocols looking to swiftly and safely provide support for commodities like stETH, eliminating hand-operated procedure and alleviating safety threats around by utilizing unproven oracle solutions.”
Stretching Support Regarding Chainlink Price Feeds
Lido shed light regarding stretching its strategy that backs Chainlink Price Feeds, involving decentralized price oracles for bLUNA as well as stSOL and the commodities of fresh blockchains, regarding which the Lido is planning to increase its support for, for instance, Avalanche, Matic and Polkadot.
The announcement highlighted that “One of the main value propositions of Lido besides democratizing access to staking rewards is increasing the utility of staked assets without sacrificing the underlying cryptoeconomic security those staked assets bring to blockchains and various other protocols.”
Additionally, Lido is scouting regarding how some specific processes associated with its smart contracts can be automated by utilizing Chainlink Keepers Network, which can leverage decentralized and trustless outsourcing for maintenance chores.