Hassan Maishera
On Thursday, the Lido Finance team announced via a blog post that Sharplink is deploying $200 million of its ETH treasury to staking through the Lido protocol.
Sharplink is one of the world's largest corporate holders of Ethereum ("ETH") and a prominent industry advocate of Ethereum adoption. The company will receive wstETH in return, and the staked ETH will be held in custody with Anchorage Digital.
The allocation follows Anchorage Digital's integration of wstETH last month, which opened access to Lido liquid staking for institutions custodying with the first federally chartered crypto bank in the US. It continues Sharplink's push this year to make its ETH treasury more productive for shareholders.
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 up 2.1% in the last 24 hours, trading at $0.2992 per coin.
