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Reading: Lido Unveils New Cross-Chain Staking with Chainlink’s CCIP Integration
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Deythere > News > News > Lido Unveils New Cross-Chain Staking with Chainlink’s CCIP Integration
News

Lido Unveils New Cross-Chain Staking with Chainlink’s CCIP Integration

Lido Unveils New Cross-Chain Staking with Chainlink’s CCIP Integration
Lido Unveils New Cross-Chain Staking with Chainlink’s CCIP Integration
Maxwell Mutuma
Last updated: October 30, 2024 2:08 pm
By
Maxwell Mutuma
Published October 30, 2024
4 Min Read
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Using Chainlink’s Cross-Chain Interoperability Protocol (CCIP), Lido has launched a cross-chain staking feature targeting ETH staking across Ethereum layer 2 networks such as Arbitrum, Base, and Optimism. With this integration, users can stake to these networks directly without additional transactions and receive wrapped staked ETH (wstETH) in a single transaction. The new approach provides a streamlined, straightforward liquid staking procedure on Lido without the need to perform additional steps or use third-party platforms.

Contents
  • Lido Boosts Accessibility with Chainlink Integration
  • Chainlink Powers Safe Low-Fee Staking for Lido
  • Enhanced DeFi Access with Lido’s New Integration

With Chainlink CCIP, Lido’s Direct Staking feature allows users to stake ETH from various blockchain networks to further enable wstETH accessibility. Before this, staking from Lido required manual bridging or using third parties to swap, making most processes needlessly complicated. Through Direct Staking, Lido simplifies the experience and renders it more usable and liquid across multiple networks.

Lido Boosts Accessibility with Chainlink Integration

With Lido’s integration of the Chainlink Protocol, Lido is working towards its mission of democratizing staking by making liquid staking much more accessible. The cross-chain staking feature enables access to liquidity and allows users to stake their tokens directly from Arbitrum, Base, and Optimism without manual transfer. This enables Lido’s users to access broader cross-chain interoperability, which extends Ethereum’s layer-2 networks with broader liquidity.

DALL·E 2024 10 30 14.47.40 A visually compelling landscape image depicting Lidos increased accessibility through its integration with Chainlink. The scene features a streamline

The streamlined method of staking that this is built upon using Chainlink’s technology supports transfers of tokens and complex instructions in a single transaction. To that end, Lido has opted to use Chainlink’s Programmable Token Transfer system to ensure users have better access to staking services. However, this integration also leaves Lido in a solid position to grow further, including adding more layer 2’s or alternative layer 1’s to support more users.

Chainlink Powers Safe Low-Fee Staking for Lido

In addition to staking, Lido has now begun to use Chainlink’s Data Feeds to set wstETH redemption rates on Ethereum, allowing for correct exchange rate data. This data adds to Lido’s existing transparency and accurately tracks the value of staked ETH. In addition, Chainlink Automation groups the cross-chain ETH transfers into batches to optimize liquidity management and ensure that everything is consistent across supported networks.

Lido selected Chainlink due to its protocols being secure. The technology created secure decentralized oracle networks that kept billions of on-chain assets safe. Using Chainlink’s proven history measures, Lido further protects the integrity of its cross-chain staking feature. By collaborating with Chainlink, Lido secures its users’ staked assets while allowing its users to enjoy quick, low-fee transactions.

Enhanced DeFi Access with Lido’s New Integration

Deploying to an Ethereum layer two network eliminates the extra steps in staking by connecting to the Chainlink-powered integration, delivering a beautiful experience across layer two networks. The updated staking process described above is also compatible with the existing Lido protocol without altering the wstETH or the Lido platform at its core. Direct staking and programmable token transfers are a new way for users to stake their tokens across chains with minimized friction and enhanced access within the decentralized finance ecosystem (DeFi).

DALL·E 2024 10 30 14.47.43 A detailed landscape image illustrating enhanced DeFi access through Lidos latest integration. The scene presents a digital platform that symbolizes

According to Johann Eid, Chief Business Officer of Chainlink Labs, the integration will allow a one-step connection from Lido’s staking ecosystem to the DeFi ecosystem. As liquid staking tokens become more popular, and as Lido supports cross-chain, this tool helps grow the total number of participants in the multi-chain landscape, contributing to the on-chain economy. Lido continues to align its goals with the broader DeFi mission of making decentralized infrastructure more accessible, efficient, and secure for all users by partnering with Chainlink.

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ByMaxwell Mutuma
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Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.
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