Lido On Polkadot
Lido on Polkadot, developed in collaboration with MixBytes, is a liquid staking solution for DOT. Users can stake their DOT with Lido on Polkadot/Moonbeam to earn daily staking rewards and benefit from the many opportunities available across the Moonbeam and greater Polkadot DeFi ecosystems.
Summary
- Lido liquid staking on Polkadot lets users stake their DOT for daily rewards. Immediate staking and unstaking, and a number of yield opportunities across Polkadot DeFi.
- Stake DOT to receive stDOT – a rebasable token with a balance that will grow in your rewards.
- Maximise rewards through dynamic reallocation of stake.
- Minimise slashing risks through ledger splitting system.
Liquid Staking on Polkadot
The launch of Lido on Polkadot allows DOT holders to stake their assets while maintaining access to the liquidity of that staked position, and contributing to the security and stability of Polkadot.
When staking DOT with Lido, users will receive a staked DOT (stDOT) token in return. stDOT a rebasable token similar to stETH with rewards reflected through a daily balance increase. stDOT represent your staked tokens. Accruing rewards without bonding delay and can be sell without waiting an unbonding period, while having the reduced risk of slashing events. Rewards are maximize through dynamic reallocation to the most profitable DOT validator nodes.
These stDOT tokens can then be used to earn additional yield by leveraging the Moonbeam DeFi space (e.g. use staked DOT as collateral in stablepools on Curve). Once deposited on Moonbeam, your xcDOT (cross-chain DOT) and stDOT are XC-20 tokens, which act as ERC-20s but include native cross-chain capabilities. They can be used in applications on Moonbeam, as well as all applications on parachains connected to Polkadot. Unlike DOT, xcDOT can be hold in your MetaMask wallet using new or existing Ethereum addresses.
Finally, Lido on Polkadot works on Moonbeam, a Polkadot smart contract platform. Moonbeam quickly becoming the top destination for multi-chain DApps. Allowing these applications to take full advantage of cross-chain interoperability within and outside of Polkadot. This starts with Moonbeam’s full Ethereum compatibility, which makes it easy for new users. To use familiar wallets with their existing Ethereum addresses to easily access multi-chain applications like Lido.
About Lido
Lido a liquid staking solution for ETH 2.0 backed by industry-leading staking providers. Lido lets users stake their ETH – without locking assets or maintaining infrastructure – whilst participating in on-chain activities, e.g. lending.
