The platform announces the first in a series of Chainlink Price Feeds. Also, it would increase the usability of Lido’s staked assets.
Lido, Ethereum’s largest staking platform, just announced that the stETH/USD Chainlink Price Feed has been adopted.
Furthermore, stETH is the platform’s tokenized version of staked Ethereum. Of course, it combines the deposit’s value with staking rewards.
“Lido is excited to announce that we are now sponsoring the first in a series of…”
“Chainlink Price Feeds to enable DeFi protocols across leading blockchains…”
“to quickly and securely support Lido staked assets,”
So, the announcement reveals.
“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
More so, The inclusion of Chainlink Price Feeds is to increase the utility of stETH, according to the statement.
More so, Users can deploy stETH as collateral in DeFi while getting staking payments from Lido.
“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,”
Then, Vasiliy Shapovalov, P2P CTO and Lido DAO member says
“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,”
Also, Shapovalov explains.
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