Hassan Maishera
On Wednesday, the Lido Finance team announced via X that Lido DAO has approved a one-time, 2,500 stETH contribution towards the rsETH relief effort. The stETH has been forwarded to the 'DeFi United' relief vehicle under the proposed mandate.
The fund is s designed to reduce broader ecosystem spillover and support an orderly resolution for affected users. Aave has so far raised millions of dollars for the DeFi United as it looks to restore the rsETH following the Kelp exploit earlier this month.
Instead of entering the Ethereum exit queue and waiting for liquidity, stakers can now instantly exit their staked ETH at market-leading prices. Enhancing the predictability and speed of exit liquidity for Ethereum stakers is an ongoing effort, with many more improvements to the withdrawal experience currently in development.
Lido is a secure liquid staking solution for proof-of-stake (PoS) cryptocurrencies that supports Ethereum 2.0 (The Merge) staking and a growing ecosystem of other Layer 1 PoS blockchains.
Lido DAO is a decentralized autonomous organization (DAO) that provides staking infrastructure for multiple blockchain networks.
Most notably, the platform provides a liquid staking solution for Ethereum, allowing users to stake their ETH and receive stETH (Lido staked ETH) tokens in exchange, which represent the user's staked ETH and staking rewards.
Lido DAO is secured by a mix of decentralized governance, audited code and smart contracts. The Lido protocol runs on Ethereum with help from smart contracts that process user deposits and distribute staking rewards, among other functions. Several third-party security firms have audited Lido’s smart contracts in order to identify and address potential vulnerabilities.
Its native LDO token is down 7.2% in the last 24 hours, trading at $0.3688 per coin.
