Steaking service Lido has added support for Chainlink Price Feed for stETH token to facilitate the use of the asset in other DeFi-protocols.
“With the price feed for the stETH/USD pair in the Ethereum mainnet, DeFi-projects can now link to the Chainlink oracle to get real-time stETH quotes for key onchain functions,” the statement said.
The stETH tokens are 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 for users, the application of the price channel will open up the possibility of receiving “normal rewards” for staking by using stETH as collateral in DeFi. The solution is also designed to make it easier to add asset support to projects.
Developers plan to integrate Chainlink Price Feed in the future
According to the announcement, Price Feed stETH/USD already uses protocols such as Aave, Compound and Enzyme.
In the future, the developers plan to integrate Chainlink Price Feed for other initiatives, including price oracles for bLUNA and stSOL, as well as new blockchain assets. The project intends to add support for Polkadot, Avalanche and Matic networks.
The Lido team is also exploring the possibility of automating some of the smart contracts features with the Chainlink Keepers solution.
As a reminder, in September the payment company Crypto.com integrated Chainlink price feeds into its DeFi-wallet.