Collateral Onboarding Call #25: Lido - Wednesday, January 27 18:00 UTC
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Dial In Details
An open discussion where we discuss projects and potential assets for MCD, open for anyone to join.
If you’d like to present, check out this thread.
Intro by @JuanJuan
Lido - https://lido.fi/
The Lido Protocol, built on Ethereum 2.0’s beacon chain, allows users to earn staking rewards on the beacon chain without locking Ether or maintaining staking infrastructure.
Lido allows users to deposit ETH and receive stETH. The deposited ETH is then pooled and staked with node operators selected by the Lido DAO. stETH represents the user’s staked ETH balance of the beacon chain along with staking rewards accrued or penalties inflicted on validators in the beacon chain. When transactions are enabled on the beacon chain, stETH can be redeemed for unstaked ETH and accumulated rewards.
Unlike beacon chain ETH, stETH can be freely transferred and traded. Onboarding stETH to MakerDAO would allow users to borrow DAI against stETH, similar to ETH 1.0.