The Lido Protocol, which offers a decentralised alternative for Ethereum staking, is powered by the digital asset Lido Dao (LDO). It aims to make it possible for users to stake their Ethereum tokens and earn rewards while keeping their staked assets liquid and accessible.
In 2020, Lido Dao was introduced as a decentralised, community-driven protocol that offers an Ethereum staking-as-a-service solution. It was developed to overcome the drawbacks of conventional Ethereum staking, including the requirement to store tokens for a set amount of time, the lack of liquidity, and potential risks related to operating a validator node.
Lido Dao intends to give Ethereum owners a simple and safe way to take part in staking and earn rewards without having to manage their own validator nodes or lock up their tokens for a set amount of time. Through the Lido Protocol, users can stake their Ethereum tokens and earn Lido Dao (LDO) tokens as a reward. The Lido Protocol is governed by the LDO tokens, which give holders the ability to vote on crucial judgements and suggestions pertaining to the protocol's operation and future advancement.
Additionally, Lido Dao highlights its dedication to decentralisation, security, and transparency. A decentralised autonomous organisation (DAO) that is controlled by the owners of LDO tokens oversees the protocol. A multi-signature key management system is also used by Lido Dao to guarantee the security of staked assets.
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