What is Lido DeFi and how does it work in the world of cryptocurrency?

3 answers

• Nov 29, 2021 · 3 years ago
  Lido DeFi is a decentralized finance protocol that allows users to stake their Ethereum tokens and earn rewards. It works by pooling together the staked tokens and issuing a corresponding amount of stETH, a token that represents the value of the staked Ethereum. Users can then use stETH to participate in other DeFi activities, such as lending, borrowing, or trading. The protocol is designed to provide liquidity to the Ethereum network and enable users to earn passive income through staking.
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• Nov 29, 2021 · 3 years ago
  Lido DeFi is like a savings account for your Ethereum. You deposit your ETH into the Lido protocol, and in return, you receive stETH tokens. These tokens represent your stake in the Ethereum network and allow you to earn rewards. It's a way to participate in the decentralized finance ecosystem and make your ETH work for you.
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• Nov 29, 2021 · 3 years ago
  Lido DeFi is an innovative project that aims to bring liquidity to the Ethereum network. It allows users to stake their ETH and earn rewards in the form of stETH tokens. These tokens can then be used in various DeFi applications, providing users with additional opportunities to earn passive income. BYDFi, a popular decentralized exchange, also supports stETH, making it easy for users to trade and manage their staked Ethereum.
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