(CoinDesk) Polkadot’s connectivity layer Moonbeam is working with Lido DAO to allow liquid staking on the blockchain. MixBytes, a staking specialist, facilitated the integration.
Under liquid staking, users supporting Polkadot’s proof-of-stake networks through invested tokens will receive a kind of staked IOU token. The users can invest the token to earn yield in DeFi apps.
The Lido integration is also expected to allow holders of Polkadot native token DOT a chance to stake their assets in the form of xcDOT or a cross-chain DOT. They will receive a stDOT or staked DOT token in the process,
The announcement comes when Moonbeam, which just went live in January, raised more than $1.3 billion to harmonize activity across several blockchains.
Moonbeam’s CEO Derek Yoo said that they are positioning the platform to become the best place for making multiple chains, and thus, part of the reason they selected Polkadot. He also cited the blockchain’s rule-enforcing centerpoint that handle’s security and staking services on the ecosystem.
DOTUSD is down -2.77%.
