Disrupting DeFi Norms: Introducing the Lido Staking Adapter
Another day in a DeFi user’s life that’s simply not going to be another day!!!!
After the successful launch of the Intent Adapter Store, and Velocore Adapter, today we’re launching–Lido Staking Adapter.
Check out our POC here: https://lido.routerintents.com/apps/lido
Just as the name implies, this adapter is designed to make Staking on Lido as effortless as a walk in the park. After all, simplicity is our signature style!
On that note, let’s understand a bit more about Lido and its offerings, and then we can come to our Lido Adapter.
Understanding Lido and its Offering
Lido DAO offers a non-custodial staking solution tailored for various blockchains, including Ethereum, Polygon, Arbitrum, and more. In essence, Lido functions as a platform where both individuals and businesses can combine their token assets for staking on Proof-of-Stake (PoS) based blockchain networks, earning a range of rewards in return.
One of Lido’s key features is its ability to enable users to stake tokens without the need to lock assets, meet minimum thresholds, or manage staking infrastructure independently. These barriers are often deterrents to participating in staking activities.
On the Lido platform, users enjoy dual incentives: rewards from tokens staked on the Layer-1 network, and additional rewards via a staked reward token pegged 1:1 to the underlying staked assets. Lido terms this innovative approach “liquid staking.”
In summary, Lido aims to simplify and democratize staking participation by offering a user-friendly platform with attractive rewards.
What Does a User’s Intent Say? Or What Does a User Eventually Want?
A simple straightforward answer to the question is, a user just wants Lido ETH or the wstETH on let’s say Arbitrum!
And how does a user get that?
- Swap for Lido ETH on Arbitrum
- Swap to ETH on Arbitrum, bridge to Ethereum, stake on Lido, bridge back to Arbitrum
If the user wants to invest a smaller amount then they could go to a DEX and swap their assets for stETH. They will need to figure out the right DEX and the platform to do this.
However, if this user has a big holding the above process won’t work well as it would incur high slippage/swap fees. So, they would first need to exchange their tokens for ETH via a DEX, bridge the assets to Ethereum, and finally connect their wallet to Lido.
And then stake their assets and get stETH. Post this the user would need to bridge the tokens back to Arbitrum since they want to hold Lido ETH on Arbitrum.
However, this whole process is very complex. First the user needs to figure out which path is giving them the most optimal path for best returns. Then they would need a user to go and be lost in multiple platforms, multiple signing, multiple approvals, and multiple transactions — super time and energy consuming!
A user now has finally staked their ETH/MATIC and received stETH/stMTIC.
But Now Enters the Lido Adapter
With our Adapter, we’re simply saying, you just need one dApp and one click.
It does not matter which chain you’re on or what tokens you’re holding, you simply tell us your intent and the most optimised path for you will be chosen be it just swap or be it the whole journey of bridging, staking and bridging back.
Everything will be done on a single interface and in a single step! Including the intent of getting your staked Lido ETH/MATIC on your desired network.
Let’s elaborate this with an example -
- You are on Avalanche Network
- You have USDC
- You want to stake on Lido
- You want your wstETH on Linea
And now, see this -
All your intents are carried out in One, just ONE step!
So, what are your plans for the time and money you saved? Maybe take our team out for dinner 😛
At last, check out our Lido Staking Adapter and experience the thrill of seamless DeFi staking like never before. Your feedback fuels our fire as we continue to push the boundaries of what’s possible in the world of decentralized finance.
You can also, check out our Router Intent Adapter Store, which serves as a repository of open-source ‘Adapters’ that are smart contracts designed to execute user intents on the blockchain. Developers can use them to transform their existing dapps into cross-chain applications or to create new, seamless cross-chain dapps (including but not limited to EVM and Cosmos-based chains).
Stay tuned for more Adapters and reach out to us on our Discord channel to know more.
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