Moonbeam, the Ethereum-compatible smart contract platform on Polkadot, announced plans to integrate and collaborate with Lido, the largest liquid staking derivatives protocol, which is currently deployed to Ethereum and Terra. The collaboration will be driven by MixBytes, who has been selected by the Lido DAO to lead the technical integration for the Polkadot ecosystem.
This integration introduces liquid staking to Moonriver and Moonbeam and will provide DOT holders the ability to stake their assets while at the same time accessing the liquidity of that staked position. The deployment of Lido provides a critical building block for the growing DeFi ecosystem on Moonbeam, providing a way for token holders to make productive use of their Polkadot ecosystem assets.
The Lido and Moonbeam engineering teams are working closely to deliver an initial liquid staking implementation on Moonriver, the Kusama-based sister network of Moonbeam. This integration will be a key first use case for the Polkadot-native cross-chain messaging protocol (XCMP), which will be used to securely provide access to KSM and relay chain staking functionality from the Moonriver-based EVM environment. Lido is expected to deploy to Moonriver later this year. Once proven on Moonriver, the XCMP-based integrations and Lido protocol will be deployed to Moonbeam to be able to serve DOT.
About the Moonbeam Network
Moonbeam is an Ethereum-compatible smart contract platform on the Polkadot network that makes it easy to build natively interoperable applications. This Ethereum compatibility allows developers to deploy existing Solidity smart contracts and DApp frontends to Moonbeam with minimal changes. As a parachain on the Polkadot network, Moonbeam will benefit from the shared security of the Polkadot relay chain and integrations with other chains that are connected to Polkadot. Currently in active development by PureStake, Moonbeam is expected to reach MainNet by Q4 2021.
Lido is a DAO that develops and maintains decentralized liquid staking protocols. Lido currently holds #8 of all DeFi by TVL ($5b) or 86% market domination on Ethereum which makes it a leader in liquid staking space.
MixBytes() is a team of engineers, auditors and analysts, experienced in decentralized systems and blockchain technology. We design and implement customized solutions based on well-known blockchains and frameworks: Ethereum\Polkadot\EOS.