Latest Lido DAO updates on February 22nd

On February 21st, the Lido project released two white papers to provide clarity on the definition and designation of Liquid Staking Tokens (LSD). This effort was led by @TeamPOSA and co-chaired by the Lido DAO, @Alluvialfinance, @WillkieFarr and other industry leaders. In addition, the report supports direct access to staking, which is in line with the Lido protocol’s mission to make PoS staking accessible to everyone. Furthermore, the Lido Dashboard Catalogue was also released on the same day to keep up with new Lido developments. Finally, the Lido TVL reached $8.96b today and has grown by 11.89% over the last week.

What is Lido DAO ?

Lido is a liquid staking solution for Ethereum’s Beacon Chain, backed by industry-leading staking providers. The aim of Lido is to make staking on the Beacon Chain easier and more accessible to everyone, while still providing the same level of security and rewards.

Lido is designed to solve the problems associated with traditional Beacon Chain staking, such as illiquidity, immovability, and accessibility, by making staked ETH liquid and allowing for participation with any amount of ETH. This makes it easier for users to take part in on-chain activities, such as staking and lending, without needing to lock up their assets or maintain their own infrastructure.

The Lido protocol is powered by a Decentralized Autonomous Organization (DAO) which is responsible for the governance of the protocol, such as setting the fees and executing protocol upgrades. The DAO is also responsible for the selection of staking providers and the management of the Lido Insurance Fund.

When using Lido, users receive staking rewards in real-time, and they can also use their staked tokens across the DeFi ecosystem to compound rewards. When users stake their ETH with Lido, they receive stETH tokens which are issued 1:1 to their initial stake. The stETH balances reflect the users’ ETH staking rewards, and they can be used just like regular ETH.

To ensure the security of user funds, Lido employs a committee of elected, best-in-class validators and a non-custodial staking service which eliminates counterparty risk. The protocol is also open-sourced and continuously reviewed to ensure its safety.

In addition to stETH, Lido also has its own governance token called LDO. The LDO token grants voting rights within the Lido DAO, and the more LDO tokens that are locked in a user’s voting contract, the greater the decision-making power the voter gets.

Overall, Lido is a great solution for users who want to take part in Beacon Chain staking without needing to lock up their assets or maintain their own infrastructure. With its innovative approach and industry-leading security features, Lido is sure to be a major player in the Ethereum staking space.

This article was published on 2023-01-29 by Marc Endevor. Information shown in this article was gathered from the project’s website and Twitter account. Coinvestigate cannot guarantee the accuracy of this information, or any news that may have impacted the project in the meantime.