Popular liquid staking protocol, Lido, has expanded to the Solana ecosystem and now supports the native token of Solana – SOL. Lido also has plans to expand its protocol to the Polkadot blockchain and popular layer 2 solution Polygon.
Lido differs from traditional staking services by offering a service called liquid staking. At a high level, this means whenever you stake your funds with Lido, they provide you with a synthetic token in return, such as stSOL, stETH or stLUNA. These tokens can then be used on popular DeFi protocols.
stSOL is going to be supported by popular Solana platforms including Serum, Raydium, Saber Labs, as well as wallets like SolFlare and Phantom.
Kasper Rasmussen, chief marketing officer at Lido said that the protocol has become one of the largest ETH staking addresses, with more than 1% of all circulating ETH staked. “We look forward to similar growth on Solana,” he said.
Source: https://www.cryptocompare.com/email-updates/daily/2021/sep/09/
