Lido is a platform focused on providing staking solutions for networks such as Ethereum. Since its establishment in 2020, it has been launched on multiple networks such as Ethereum, Solana, Polkadot, Polygon and Kusama. This article will detail the development history of Lido and its latest developments.
Lido’s early development
Lido was originally designed to solve the liquidity problem in the Ethereum staking process. Stakeholders can stake ETH through the Lido platform and receive stETH in return, which can be used on different DeFi platforms, thus increasing the liquidity of funds.
Over time, Lido continues to expand the networks it supports to include, in addition to Ethereum, Solana, Polkadot, Polygon, and Kusama, among others. This enables more users to take advantage of Lido’s liquidity staking service.
milestone events
1. Lido V2 version is online: On May 16, 2023, Lido officially launched the V2 version through on-chain voting. This upgrade introduces direct withdrawals and a new staking module, allowing stakers to unstake their ETH directly through Lido. This improvement greatly simplifies the staking and unstaking process and improves user experience.
2. LDO staking module and repurchase plan: On May 18, 2023, the Lido community launched a new proposal to introduce an LDO staking module and repurchase plan. This program allows token holders to stake LDO in exchange for a portion of Lido DAO revenue, which includes 20%-50% of future Lido DAO revenue being distributed weekly to LDO staking users through a buyback and distribution mechanism.
3. Support for OKX Web3 wallet: On April 21, 2023, Lido announced the addition of support for the OKX Web3 wallet, which allows users to pledge Ethereum on Lido through the OKX Web3 wallet and receive corresponding rewards.
Latest news
1. Subgraph redesign: In order to support V2 upgrade, Lido’s subgraph logic has been rewritten. All Subgraph users need to check the latest entity schema and adjust queries as needed. This improvement is intended to improve the efficiency and accuracy of data queries.
2. Stopping the staking services on Polkadot and Kusama: Due to macro factors, Lido decided to stop the staking services on Polkadot and Kusama on August 1, 2023. Lido will automatically release all pledged assets on June 22, with the official end date being August 1.
3. Introducing the NFT de-pledge process: Lido plans to incorporate NFT into the ETH de-pledge process. Users can withdraw stETH on Lido and receive ETH at a 1:1 ratio. This process is divided into two steps: request and receive. Once a user requests a withdrawal, they will receive a Lido-issued NFT representing their withdrawal request; the user can then use the NFT to claim their ETH rewards, and the NFT is destroyed after the user redeems and claims their ETH.
Lido’s future
Lido’s growth doesn’t stop there. As blockchain technology continues to advance, Lido will continue to optimize its staking solutions and explore more application scenarios. For example, Lido plans to expand its services to more blockchain networks and introduce more innovative features to meet the needs of different users.
In addition, Lido is also actively exploring cooperation with other DeFi protocols. For example, Lido already supports the Ethereum layer 2 networks Optimism and Arbitrum, and bridges wstETH directly to these networks. These collaborations will further enhance Lido’s liquidity and user experience.
in conclusion
As a leading provider of liquidity staking solutions, Lido has occupied an important position in the blockchain industry through continuous technological innovation and market expansion. With the launch of Lido V2 and the introduction of a series of new features, Lido will continue to provide users with better staking services and play a greater role in the future blockchain ecosystem.
Lido's success is dependent on the support and participation of its community. In the future, Lido will continue to work closely with the community to jointly promote the development and application of blockchain technology. Whether you are a staker or a developer, you can find opportunities and challenges that suit you on the Lido platform.
In short, Lido’s development history and latest developments demonstrate its innovation capabilities and market influence in the blockchain industry. With the continuous advancement of technology and market expansion, Lido will continue to lead the trend of liquidity staking in the future, providing users with more convenient and efficient staking services.