Polkadot’s Moonbeam adds liquid staking giant Lido
Moonbeam, a connectivity layer between the Ethereum blockchain and services being built on Polkadot, is working with Lido, a staking derivatives platform that allows ether (ETH) and other cryptos locked up in staking contracts to be used elsewhere.
The Lido integration enables holders of Polkadot’s native cryptocurrency, DOT, to stake their assets in the form of xcDOT (cross-chain DOT), for which they receive an stDOT (staked DOT) token. These tokens can then be invested to earn yield in DeFi apps.