Lido and Pyth Network Launch stETH Price Feed

Developers across over 20 blockchains will be able to access a real-time price feed for staked Ether (stETH) tokens.

Liquid staking provider Lido and blockchain oracle Pyth Network have collaborated to bring a stETH/USD price feed to several chains, including Ethereum, Arbitrum, Optimism and Solana.

Price feeds are on-chain reference contracts that smart contract developers building DeFi applications need to secure real-time market data on blockchain networks. Decentralized oracle solutions like Pyth provide these price feeds to the decentralized applications (dApps), connecting them to financial market data stored off-chain.

While most oracle solutions use a “push” model that runs an off-chain process and continuously sends transactions to update on-chain price, Pyth uses a “pull” model that lets users pull price updates on-chain when needed.

Lido is the leading multichain liquid staking platform, and with $14 billion in Total Value Locked (TVL) is the largest DeFi protocol today. The rising popularity of stETH makes a reliable price feed essential for developers to reference, track assets and make transactions.

“By providing developers with this critical data point, we’re excited to open the doors to new, transformative DeFi use cases,” said Lido and Pyth in a press release shared with Unchained.

According to the teams, the stETH/USD price feed will serve as the foundation for the next wave of decentralized financial innovation, including optimizing liquidity on decentralized exchanges (DEXes) and increasing capital efficiency for lending platforms. 

“The knock-on effects of increased accessibility and liquidity of stETH-backed products will further bolster the appeal and adoption of decentralized finance: this kind of positive momentum and feedback cycle between capital and innovation is just what our industry needs,” said the teams.