• Lido Finance is working hard to expand its services and upgrade its ecosystem.

Lido Finance is known as one of the biggest merge staking facilitators; it has launched two layer-2 networks on Arbitrum and optimism, a move it told futhure to enhance access to Ethereum staking while lowering gas fees.

On 19 July 2022, TheCoinRepublic, reported that Lido Finance officials announced the extension plan. Lido Finance, the biggest Staking ecosystem for Ethereum, is planning to expand in the second Ecosystem layer. 

Lido finance offers Stake rewards for other interfaces like Solana, Polkato, and Kusama, and the value of stETH is pegged by Ethereum in the ratio of 1:1. 

Lido Finance provides a service to the user in which a user can get stETH(a token representing a stake permitting the users to put the token to function in the Ethereum ecosystem).  

Lido’s official Twitter handle states, “Lido is now on L2 Bridge your staked ETH to Layer 2 protocols at the click of a button to benefit from lower gas fees and exciting DeFi opportunities.”

As per the official website of Lido Finance, it is currently holding around a 5.5million staked ETH amounting to $ 7431077500.00.  

Layer-2 networks have been chosen to be deployed first, with 80% market share among them. 

Functioning of ETH Staking

As a validator in Ethereum, they are responsible for storing data, adding new blocks to the blockchain, and processing 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 about 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 contribute a total stake to Ethereum of $8.11 billion (USD). 

Source: https://www.thecoinrepublic.com/2022/10/07/lido-finance-launched-layer-2-ethereum-staking-and-ldo-rewards/