Lido Proposes A 40K ETH Investment From Mantle For stETH Liquidity Boost
Seraphim Czecker, a DeFi expansionist at Lido Finance, put forward a proposal for the well-known Layer 2 project Mantle to allocate 40,000 ETH to Lidos liquid staking platform. The purpose of the proposal is to stimulate the liquidity of the stETH ecosystem on Mantle. Additionally, the proposal aims to attract DeFi integration to the Mantle network, including Uniswap, Curve, and other decentralized exchanges. Mantle, which recently merged with BitDAO, maintains one of the largest community vaults in the crypto ecosystem. That includes $500 million worth of Ether and $300 million in stablecoins, according to DeepDAO. In addition to these operations, the core team of the project is also working on the development of the Ethereum Layer 2 network. Lido Finance is known for its decentralized liquid staking protocol, designed to help users earn rewards from staking Ethereum while retaining liquidity via its token, stETH. The platform emphasizes the security of staked assets through regular security audits and a robust infrastructure. Furthermore, its Decentralized Autonomous Organization (DAO) governance model democratizes decision-making, enhancing its appeal to users. The proposal goes beyond a considerable investment, incorporating a revenue-sharing agreement between BitDAO and Lido DAO. If ratified, this agreement would ensure that a portion of the revenue accrued by