Liquidity sample protocol Lido has added support for the decentralized exchange aggregator 1inch.
The addition of 1inch facilitates the exchange of sETH (stake ether) and wstETH (wrapped stake ether), as well as ETH, Ethereum’s native token, when the stake is lifted. According to an official, 1inch will enable faster access to Ethereum, Arbitrum and Optimism Edition.
“Skip the withdrawal queues with instant swaps between sETH/wstETH and ETH using 1inch”, Lido Finance wrote on the social media platform
Lido pools its users’ cryptocurrency and provides a one-for-one liquid utility token for their staked assets. For example, staking one ETH gives the user 1 sETH, which is liquid and accepted on several decentralized applications, including digital wallet MetaMask and automated market maker Curve, according to Lido’s website. wstETH offers a stable version of sETH, as a user’s sETH balance fluctuates depending on the staking rewards. Lido also supports the Polygon blockchain to offer users the staked version of the network’s native token MATIC.
Lido remains the liquid staking protocol with the highest total value (TVL) in decentralized finance (DeFi). Lido’s TVL rose to $29.5 billion on February 21, according to data compiled by The Block Show.
About the author
MK Manoylov has been a reporter for The Block since 2020, joining just before Bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering all crypto news, but with a bias toward NFT, metaverse, web3 gaming, finance, crime, hack, and crypto ecosystem stories. MK is a graduate of New York University’s Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.
