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Lido Partners with Mellow Finance and Symbiotic to Combat Threat of Restaking Competition in DeFi

Lido Partners with Mellow Finance and Symbiotic to Combat Threat of Restaking Competition in DeFi

CointimeCointime2024/06/11 14:13
By:Cointime

Lido, the largest decentralized finance protocol on Ethereum with $27 billion worth of deposits, is facing competition from a new trend called "restaking." To combat this, Lido is partnering with Mellow Finance and Symbiotic to offer traders access to restaking tools and return Lido stETH to center stage. Lido recently introduced The Lido Alliance, a group of partners and protocols committed to protecting stETH's role in Ethereum DeFi, and is launching four stETH-centric restaking products on Mellow Finance as part of its reGOOSE strategy. Mellow Finance has launched restaking vaults that accept stETH, with rewards currently given in the form of "points" that may be tied to future token airdrops. EigenLayer has placed caps on how much stETH one can deposit, leading some users to withdraw their stake from Lido and use EigenLayer instead.

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