Liquid Staking Protocol Lido is joining forces with Neutron and Axelar to expand its cryptocurrency staking project to the Cosmos blockchain. What does this mean for crypto enthusiasts? Let’s find out.
Lido Finance, a heavyweight in the liquid staking realm with over $13 billion in liquid-staked Ethereum, is on a mission to extend its influence. It has already ventured into the Ethereum ecosystem, connecting it with Ethereum Virtual Machine (EVM) Layer 2 solutions. But now, it’s time for stETH (staked Ether) to embark on a cosmic journey, thanks to its collaboration with Axelar.
Neutron and Axelar are not just silent partners in this venture. They bring more to the table than you might think. Their role is to provide incentives that will entice users to embrace Lido’s cryptocurrency within the Cosmos ecosystem. It’s a win-win scenario – Cosmos gets a boost in its staking options, and users get to enjoy the benefits.
In this exciting move, Lido Finance aims to empower cryptocurrency enthusiasts by enabling them to stake their assets on the Cosmos blockchain and reap the rewards. A smart move, considering the keen interest expressed by over 30 teams within the Cosmos network.
Cosmos, often touted as the “Internet of Blockchains,” is no stranger to ambitious projects. Now, it’s set to host a new contender in the crypto staking arena, and it’s a partnership that has the potential to shake things up significantly.
But here’s the twist: once the integration is complete, control of the project will be handed back to Lido, ensuring the expertise and experience of the liquid staking veterans are at the helm.
In the words of Avril Dutheil, a core contributor to Neutron, “We are excited to be part of the effort to bring one of the biggest liquid staking tokens, Lido’s staked ether, to the Cosmos ecosystem.”
For those who might wonder why Lido Finance chose Cosmos for this expansion, it’s worth noting that Lido is not new to forging partnerships with other blockchains. While its primary platform is Ethereum, it has also ventured into collaborations with blockchains like Polygon and Solana. This latest partnership with Cosmos further enhances its versatility, allowing users more flexibility when staking their assets across different blockchains.
In conclusion, the collaboration between Lido, Neutron, and Axelar marks an exciting chapter in the world of cryptocurrency staking. As they venture into the Cosmos, they open up new horizons for crypto enthusiasts, making liquid staking more accessible and rewarding than ever before. Stay tuned for more updates on this cosmic crypto journey!