StellaSwap Collaborates With LIDO
StellaSwap collaborates with LIDO and Beefy Finance to launch a standard & auto-compounding LDO farm. StellaSwap will also facilitate the trading of Lido’s native token, LDO.
This has been long overdue, as liquidity providers on Curve had previously no avenue to trade their earned LDO rewards. This partnership trifecta made up of the largest protocols on Moonbeam would allow users to trade LDO as well as auto-compound their LDO liquidity.
The LDO farm will be live on StellaSwap on 22 Aug, 14:00 UTC.
State of LDO on Moonbeam
At the start of June, Lido finance announced the launch of their stDOT-DOT farm on Moonbeam via Curve. Liquidity providers who staked in their pool would earn LDO, the native token of Lido.
Since then, users who’ve earned LDO rewards couldn’t really trade or do anything since an LDO farm didn’t exist.
Here’s a breakdown of LDO on Moonbeam
- Current LDO Supply on Moonbeam: 314,455 LDO (~$600k)
- No. of LDO Holders on Moonbeam: 585 Addresses
The absence of an LDO farm meant that LDO holders on Moonbeam are forced to bridge their LDO token away from Moonbeam or just hold on to it without doing anything.
StellaSwap has been closely working with Beefy and Lido to facilitate LDO trading on Moonbeam. As the largest DEX on Moonbeam, StellaSwap is proud to be able to work with them in actualizing a highly-awaited farm.
The scope of this trilateral partnership manifests in the following way
- LDO farm launch on StellaSwap
- Launch of automated LDO farm (StellaSwap LP) on Beefy
Launch of LDO Farm on StellaSwap
StellaSwap will launch a standard LDO farm, with Lido and Beefy providing initial liquidity of $10,000 into the farm. Additionally, Lido will provide an initial $5,000 worth of LDO incentives to attract users to stake into the farm.
Here are the details of the farm:
- Farm Launch: LDO— GLMR
- Farm Type: Dual-Rewards
- Reward Token: STELLA + LDO
- Launch Date: 22 August| 14:00 UTC
Auto-Compounding LDO Farm on Beefy
Shortly after the LDO farm on StellaSwap, Beefy will launch the LDO farm to allow users to auto-compound their rewards into their LP. Beefy will launch the LDO farm using StellaSwap’s LDO LP. Instead of manually compounding their rewards, Beefy provides an automated way for users to optimize their returns.
ABOUT StellaSwap
StellaSwap is the first and leading Moonbeam DEX that offers an integrated gateway to the DeFi world. Users can swap, earn, yield farm, bridge assets, explore new projects, and engage in NFT trading all from a single unified platform. StellaSwap’s products are structured in such a way that facilitates decentralized governance of STELLA holders while continuing to innovate on the collective foundations by design.
ABOUT LIDO Finance
Lido is a liquid staking solution for ETH 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.
