Lido’s Staked Ethereum Token STETH Reaches $10.3B Market Capitalization, Ranks Ninth by Market Valuation – Defi Bitcoin News
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Lido’s Staked Ethereum Token (STETH) has reached a significant milestone in the decentralized finance (DeFi) space, crossing the $10.3 billion market capitalization mark. The achievement places the STETH as the ninth cryptocurrency by market valuation, according to Defi Bitcoin News.
The Lido team has been hard at work since the project’s launch in late 2020. The protocol’s goal is to bridge the gap between Ethereum’s proof-of-work (PoW) and proof-of-stake (PoS) blockchains by allowing investors to stake their ETH and gain passive income via the protocol.
Lido’s STETH has proven to be a preferred staking option for users in the last year, with the platform allowing users to earn ETH rewards without the need to maintain a full staking node. The protocol enables ETH holders to stake portions of their holdings on the Ethereum 2.0 beacon chain via Lido’s staking pools.
The STETH token is ERC-20 compatible, allowing users to trade it on a wide range of decentralized exchanges (DEXs) such as Uniswap, SushiSwap, and Balancer. The token’s strength lies in its liquidity, making it ideal for trading and exchanging with other cryptocurrencies.
Lido has also collaborated with Coinbase, one of the leading cryptocurrency exchanges, in launching Coinbase staking. The partnership enables Coinbase users to stake their ETH holdings on the Lido platform through Coinbase, earning passive income in the process.
Lido’s STETH upsurge in market capitalization is a testament to the growing adoption of DeFi protocols and the interest in staking rewards in the crypto space. The STETH token’s feat has also paved the way for more staking options that provide investors more options to earn passive income.
In conclusion, with Lido’s STETH milestone, Ethereum investors now have more options to maximise their profits as the project continues to gather steam. The STETH token’s ability to provide liquidity and staking rewards has proven to be a powerhouse in the DeFi ecosystem, giving investors a chance to earn rewards while securing the Ethereum blockchain.
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