“After the Merge’ by Ethereum is the most awaited event in cryptocurrency and blockchain technology. The transition from Proof-of-Work to Proof-of-Stake is going to happen on September 15-16 2022. The final step is now at the end stage to be completed. Proof-of-Stake is going to be introduced by the Beacon chain.
Ahead of the merge, the project Lido on the DeFi platform has started to grow its demand day by day. A number of ways are available to stake on Ethereum, and one of the best ways to stake is Lido ETH staking. Staking on the Lido ETH platform provides quick access to private crypto wallet users and Ethereum.
Lido Finance officially announced a set of new ideas to expand their staked Ether (sETH) across the crypto ecosystem through Ethereum layer-2 (L2). ETH staking services annually make a profit of 3.9% for Lido.
Over the past seven days, Lido finance demand has continuously increased, and it has resulted in the lead of Merge. The recent market valuation of STETH is $6.57 billion (USD) with total value locked (TVL) increasing from 6.34%. It places the Lido in 13th position in the crypto market capitalization. The LDO token costs 25.4% more than the US dollar.
How does the Lido work?
Stake:
There is no minimum limit to stake on Lido platform. It gave freedom to the users to stake on the daily reward.
Mint:
While staking in Lido, the users can mint staked tokens in a 1:1 ratio, which can be used across the DeFi platform.
DeFi:
The user can use staked tokens across the DeFi platforms as a single unit for lending and increase the yield.
Lido community:
The community builds a platform where users can access the stake protocols and develop the stake economy.
How does ETH staking work?
As a validator in Ethereum they are responsible for storing data, adding new blocks to the blockchain, and to process the transactions. But to activate the software the validator has to deposit 32 ETH. It will keep Ethereum secure and also allow us to access new ETH.
As there are many ways to stake in Ethereum, investors are still confused as to whether investing here is one of the best platforms to stake in Ethereum, as per the report. Lido, Rocket Pool, Stakehound, Stakewise, Stafi, Sharedstake and Stkr are contributing a total stake to Ethereum with a worth of $8.11 billion (USD).
The Top Best Places To Stake Ethereum
Recently, Coinbase launched a liquid staked token called Coinbase wrapped Ethereum (CBETH). Coinbase stated that the new CBETH launch will benefit Ethereum after the merge.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2022/09/12/ethereum-is-tied-to-lidos-liquid-staking-eth-2-0-pool-commands-8-1-billion/