Moonbeam Collaborates with Lido to Bring Liquid Staking to Polkadot

Ethereum-compatible smart contract platform Moonbeam has just announced a collaboration with Lido. Lido is a decentralized autonomous organization (DAO) that develops and maintains decentralized liquid staking protocols.

Moonbeam will provide the parachain infrastructure and cross-chain interoperability to Lido for its expansion to Polkadot. Furthermore, the platform’s Ethereum-compatible smart contract functionality will allow Lido to use familiar Ethereum tools to get to market quickly.

The collaboration will bring liquid staking to Polkadot and Kusama. Moreover, the integration between the two introduces liquid staking to Moonriver and Moonbeam. Moonriver is a community-led, fully Ethereum-compatible parachain on the Kusama network.

Consequently, the partnership will allow DOT holders to stake their assets. Also, they will have access to the liquidity of that staked position at the same time.

MixBytes To Drive the Collaboration

The announcement released by the Moonbeam team also stated that MixBytes would drive the collaboration between the two. The MixBytes team essentially implements customized solutions for Ethereum, Polkadot, and EOS applications.

MixBytes selection to lead the technical integration for the Polkadot ecosystem came about from the Lido DAO’s decision. 

Misha Putyatin, the CEO of MixBytes, gave his remarks on the collaboration, saying,

“Moonbeam meets our technical requirements with its EVM smart contracts, cross-chain integration capabilities, and strong support of our protocol-level dependencies through their DeFi ecosystem, including stableswap AMMs, lending and borrowing, and others protocols that Lido needs to be really successful.”

The initial liquid staking implementation will be on the Kusama network’s Moonriver. Subsequently, this integration will be a crucial first use case for the Polkadot-native cross-chain messaging protocol (XCMP). 

Derek Yoo Excited by Moonbeam, Lido Collaboration

Lido is the most extensive and most utilized liquid staking protocol in the world. Although it has roots in Ethereum staking, Lido is expanding to other blockchain networks. And, it does so to provide liquid staking to protocols such as Terra and Sol. 

For its expansion into the Polkadot ecosystem, Lido settled on Moonbeam as it has Ethereum-compatible smart contract functionality.

Lido currently has an 86% market domination on Ethereum, making it a leader in the liquid staking space. 

Derek Yoo, Moonbeam’s founder, said that the Moonbeam team had been impressed by Lido’s technical sophistication and deep domain expertise. Also, he noted that Moonbeam is ready to partner with Lido to bring stDOT to the Polkadot ecosystem.  

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In related news, Moonbeam also announced the integration of Wanchain’s cross-chain interoperability solution to the Moonriver network.

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