The staking service Lido has added support for the Chainlink Price Feed price channel for the stETH token, to facilitate the asset’s use in other DeFi-protocols. ForkLog understands from representatives of the project.
“With the price feed for the stETH/USD pair on the Ethereum mainnet, DeFi projects can now reference the Chainlink oracle to receive real-time quotes for stETH to perform key on-chain functions,” the statement said.
The stETH tokens represent funds locked for liquid staking on the platform in Ethereum. In addition to ETH, the platform also supports LUNA and SOL.
The Lido team expects that applying the price channel will open the possibility for users to earn “normal rewards” for staking, using stETH as collateral in DeFi. The move is also designed to facilitate the addition of asset support by projects.
According to the statement, the Price Feed stETH/USD is already used by protocols such as Aave, Compound and Enzyme.
In the future, developers plan to integrate Chainlink Price Feed for other initiatives, including price oracles for bLUNA and stSOL, as well as assets on new blockchains. The project intends to add support for Polkadot, Avalanche and Matic networks.
The Lido team is also evaluating the possibility of automating some smart-contract functions using Chainlink Keepers.
In September, the payments company Crypto.com integrated Chainlink price channels into its DeFi wallet.
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