- StellaSwap is launching a collaborative liquidity program with Acala Network and Bifrost Finance to promote excitement for Polkadot’s Liquid Staking Derivatives (LSDs).
- The program will also feature three key $DOT LSDs, including StellaSwap’s stDOT, Acala Network’s LDOT, and Bifrost Finance’s vDOT, each offering unique features.
Leading decentralized exchange on the Polkadot network, StellaSwap, is set to launch an innovative liquidity program in collaboration with Acala Network and Bifrost Finance, aiming to generate excitement for Polkadot’s premier Liquid Staking Derivatives (LSDs).
Liquid Staking Derivatives represent tokenized forms of Proof-of-Stake (POS) staked assets, introducing tradability, collateralization, and applicability in decentralized finance (DeFi) – hence the term “liquid.” On Moonbeam, a parachain of Polkadot, three prominent $DOT LSDs will be featured: StellaSwap’s stDOT, Acala Network’s LDOT, and Bifrost Finance’s vDOT.
🎉 DOT Ignite is coming to @MoonbeamNetwork! 🔥
Starting next week, we’re launching a liquidity program with @AcalaNetwork & @BifrostFinance to ignite excitement for @Polkadot’s top LSDs! ✨
Here’s a chance to put your $DOT in action & help secure the network 👇🧵#DOTIgnite pic.twitter.com/g2Pj22KJ0p
— StellaSwap ☄️- Top DEX on Polkadot (@StellaSwap) January 12, 2024
Leading the charge among $DOT LSDs is LDOT, pioneered by Acala Network, the first parachain on Polkadot. Supercharged by the rivers of Euphrates within Acala’s superapp, LDOT boasts a Total Value Locked (TVL) of 5.18 million $DOT, offering a farm for LDOT-DOT with three unstaking options: Normal, Fast, or Instant.
Furthermore, StellaSwap introduces the revamped native LSD, stDOT, taking the reins from Lido Finance’s sunsetted stDOT. With a TVL of 343,000 $DOT, the farm includes stDOT-DOT and stDOT-GLMR, presenting an EVM-friendly environment for enhanced utility.
Bifrost Finance’s vDOT stands out as an omnichain behemoth, being a top liquid-staking parachain providing a diverse range of LSDs. Recognized as the first to introduce cross-chain LSD staking on Polkadot, vDOT also boasts a substantial TVL of 4.19 million $DOT and offers a farm for vDOT-DOT, featuring a user-friendly 1-Click Cross-Chain LSD transfer and staking functionality.
In preparation for the impending $DOT Unlock, the three teams have collaboratively initiated a liquidity program, spanning 1-3 months and supported by the Moonbeam Foundation. This program will prominently feature the three $DOT LSDs, fostering engagement and participation within the Polkadot ecosystem.
Key Developments in the Polkadot Ecosystem
In a groundbreaking move, the Layer-1 blockchain protocol, Polkadot (DOT), continues to spearhead innovation in the cryptocurrency landscape by introducing the innovative concept of parachains. This development aims to revolutionize communication within the network, heralding a new era for Ethereum-compatible blockchains.
Parachains, a distinctive feature of Polkadot’s architecture, play a pivotal role in expanding the platform’s universality by establishing seamless connections with external networks through the implementation of bridges. This architectural design not only enhances Polkadot’s flexibility but also addresses the blockchain trilemma, effectively balancing scalability, security, and decentralization.
Thus, the notable emphasis on interoperability stands out as a key strength for Polkadot. Parachains act as conduits for the smooth exchange of data and assets within the network, further extending their reach by establishing connections with external chains through bridges. These bridges play a crucial role in facilitating the transfer of assets, including prominent cryptocurrencies like Bitcoin, onto the Ethereum blockchain.
In a noteworthy grassroots movement within the Polkadot (DOT) community, a new meme coin named $DED has emerged, generating considerable buzz and capturing the attention of the cryptocurrency community at large. The coin has also garnered substantial support from both the community and influential figures within the Polkadot ecosystem. The intriguing development has raised speculation about whether the growing popularity of $DED could potentially act as a catalyst for propelling DOT to new All-Time Highs (ATH).
Sourced from cryptonews.net.
