BlocksInform
Rewards from staking ether on Lido will now be distributed by Aave on Ethereum, Arbitrum, and Optimism following a recently concluded community vote.
Aave uses smart contracts to deliver financial services such as lending and borrowing to users. Its new version 3 (v3) was rolled out on the ethereum and layer 2 optimism and arbitium networks – two separate blockstrings which allow users to transact on applications based on ethereum faster and cheaper.
Last year, lido stated that it will reward pegged ether (steth) liquidity providers on arbitrum and optimism with a total of 150,000 ldo chips, Government token of the lido, to draw people to the service.
These awards will now be distributed throughout the country after the vote which ended on Monday. More than 99 per cent of those involved in governance voted in favour of the proposal.
More than 99 per cent of those involved in governance voted in favour of the proposal. (Aave)
Lido is a staking system for Ethereum, Solana and other networks. It is currently the largest decentralized (challenge) financing application with over $8.48 billion locked in value as of Tuesday.
It allows users to redeem their tokens for day-to-day rewards and receive a derived token that represents the token placed, that users can use on alternative challenge products.
A key advantage of using lido is that users can bet any quantity of aether and be rewarded, instead of becoming an etheum validator that requires a minimum of 32 ethers – valued at more than $52,000 at the time of press – before being awarded a reward.
Ethereum is a way for investors to win a prize by locking their coins after last year's merging event. Upcoming major update to Ethereum, scheduled to take place March, the hard fork of Shanghai, that will enable the participants on the network to unlock the ether that they had staked on the blockchain that has been inaccessible until now.
