HomeCryptoBinance To List Andreessen Horowitz-Backed DeFi Altcoin Built On Ethereum Amid Crypto...

Binance To List Andreessen Horowitz-Backed DeFi Altcoin Built On Ethereum Amid Crypto Market Collapse

The world’s largest crypto change is including a decentralized staking platform to its roster of property.

In a brand new announcement, Binance says it’s itemizing Lido DAO (LDO), the governance token of Lido Finance which provides staking options throughout a number of standard blockchains.

Lido’s decentralized autonomous group (DAO) grants holders of the Ethereum (ETH) token voting rights on undertaking parameters, upgrades and staking protocols.

The Silicon Valley-based funding agency Andreessen Horowitz (a16z), which in January introduced its intentions to speculate billions of {dollars} into the digital asset house, additionally revealed in March that it was backing Lido.

The a16z publish says that Lido democratizes the proof-of-stake (PoS) course of by each making minimal deposit quantities attainable to on a regular basis crypto buyers in addition to providing a substitute for counting on centralized exchanges.

“That’s why we’re excited to spend money on Lido, an efficient, decentralized staking platform. It provides one of many best methods to stake ETH and different PoS property at present, whereas striving for decentralization by means of the DAO’s governance.

Lido [also] solves the aggressive incentives between staking and looking for yield in DeFi [decentralized finance]. By issuing an Ethereum-native liquid token, Lido means that you can use staked ETH as collateral inside DeFi in the identical approach you need to use ETH presently.”

Lido customers can stake tokens on quite a lot of main networks, together with Terra (LUNA), Solana (SOL), Polygon (MATIC) and Kusama (KSM).

Lido DAO has been on a roller coaster ride of price action over the past day, at first rising 50% from $2.25 to $3.40 on the Binance news before tumbling vertically back down to its original valuation as the overall crypto markets flashed red.

LDO then worked its way back up to $2.53, but currently is down nearly 5% on the day, trading for $2.26.

Binance says LDO will be available in the Bitcoin (BTC), Binance USD (BUSD) and Tether (USDT) trading pairs.

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Featured Picture: Shutterstock/WIROJE PATHI/Natalia Siiatovskaia



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