With a new partnership, the flagship smart contract platform on Polkadot (DOT) will allow its users to wager their coins in novel ways
- The Moonbeam platform works with the Lido protocol to drive liquid staking forward
- Lido will soon be deployed on Moonriver
Polkadot’s infrastructure now offers its customers another unique option. The world-class DeFi Lido introduces the concept of liquid staking to the groundbreaking cross-chain network.
The Moonbeam platform works with the Lido protocol to drive liquid staking forward
According to a press release shared with U.Today, the team at Moonbeam (https://moonbeam.network/), an Ethereum-compatible smart contracts platform for Polkadot (DOT), is partnering with Lido, the pioneers of decentralized liquid staking Logs.
Lido DAO has selected MixBytes as its technical partner for this collaboration. Once it begins, owners of DOT, Polkadot’s core native asset, can deploy it without losing access to locked liquidity.
This allows crypto enthusiasts onbboarded by Polkadot (DOT) to be more productive with their assets. Polkadot (DOT) will be the fourth platform for Lido as it has already integrated Ethereum (ETH), Solana (SOL) and Terra (LUNA).
Derek Yoo, founder of Moonbeam, emphasizes the importance of the newly announced collaboration for the advancement of the DeFi ecosystems of Polkadot and Kusama:
Liquid staking derivatives are an essential component to support the growth of the DeFi ecosystem on Moonbeam and Polkadot. Since our first meeting, we have been impressed by the technical sophistication of the Lido team, their extensive expertise and the market presence of their protocol. We look forward to working with them to bring stDOT and other staking derivatives to the Polkadot ecosystem.
Lido will soon be deployed on Moonriver
Misha Putyatin, CEO of MixBytes, emphasizes that this collaboration was made possible because of the revolutionary, modular and interoperable design of Lido and Moonbeam:
After looking at a number of potential Parachain partners and implementations, including building an independent Parachain, we were deeply impressed with the Moonbeam team and their ambitions. Moonbeam fulfills our technical needs with its smart EVM contracts, cross-chain integration capabilities and strong support for our dependencies at the protocol level through its DeFi ecosystem which includes StableSwap AMMs, lending and lending and other protocols that Lido really needs to be successful.
With liquid staking options available to Polkadot customers, they no longer have to choose between yield staking on the relay chain and Moonbeam’s “yield farming” options.
In the coming weeks Lido will be used in Moonbeam’s “sister chain”, Moonriver. After stress tests, its mechanisms are used in Moonbeam’s smart contracts.