Lido and Moonbeam support flexible staking for Polkadot
Polkadot's DOT token will support flexible staking on Lido and Moonbeam projects.
Moonbeam (GLMR), a project compatible with the Ethereum Virtual Machine (EVM) and the name that has earned the 2nd parachain position on Polkadot, has announced that it is partnering with staking solution Lido to support staking. flexibility for the DOT part. . MixBytes staking listeners also contributed to this effort.
In February, the same trio of projects also put KSM tokens into Kusama, Polkadot's "twin" blockchain.
As a ProofofStake network, Polkadot requires users and validators to stake DOT tokens (DOT keys) to participate in transaction verification and network protection, in return for receiving DOT tokens. However, the amount of DOT that needs to be locked up is quite large and can incur significant opportunity costs. With Lido's flexible staking solution, the user who locks the DOT to the project receives a token representing the staking amount and can then use that representative token in other solutions.
Lido's popularity is clearly shown by the fact that this project, although just launched in December 2020, has reached a closing value of up to $8.4 billion. At the beginning of May, Lido's TVL at one point hit $19.1 billion, making it the DeFi protocol with the highest TVL in the crypto industry. However, after the collapse of LUNAUST and the market sell-off, the USD-based Lido TVL has clearly fallen.
Lido will allow holders of Polkadot's DOT coin to stake xcDOT (crosschain DOT), a token of Moonbeam's XC20 standard, for EVM compatibility. In return, the parties involved will receive stDOT, a token that validates the DOT key with Lido.
Moonbeam CEO Derek Yoo commented:
Flexible staking is a must-have for every ecosystem. We are positioning Moonbeam as the best place to deploy applications that work on multiple blockchains (multi-chains), as we see the trend moving from single-blockchain to multi-blockchain application deployment. is why we choose Polkadot.
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