Lido, a liquidity staking protocol, has incorporated support for the decentralized exchange aggregator 1inch.
The integration of 1inch streamlines the process of swapping stETH (staked ether) and wstETH (wrapped staked ether), along with ETH, the native token of Ethereum, during unstaking. According to an official announcement, 1inch enables quicker exits onto Ethereum, Arbitrum, and Optimism.
Lido Finance announced on the social media platform X, “Skip the withdrawal queues with instant swaps between stETH/wstETH and ETH using 1inch.”
Introducing the newest Lido withdrawal aggregator: @1inch ⚡️
Skip the withdrawal queues with instant swaps between stETH/wstETH and ETH using 1inch. pic.twitter.com/Ud1h75gASD
— Lido (@LidoFinance) February 21, 2024
1inch, optimized for Ethereum, BNB Chain, Optimism, Polygon, and other chains, aggregates prices across numerous DEXs, ensuring the best rates for all trades.
Lido pools users’ cryptocurrency, issuing a liquid utility token at a one-to-one ratio for their staked asset. For instance, staking one ETH yields the user 1 stETH, which is liquid and compatible with various decentralized applications, including MetaMask and the automated market maker Curve, as stated on Lido’s website. wstETH offers a stable version of stETH, as the user’s stETH balance fluctuates based on staking rewards. Additionally, Lido supports the Polygon blockchain, providing users with the staked version of the network’s native token MATIC.
Lido maintains its position as the leading liquid staking protocol in decentralized finance (DeFi), boasting a total value locked (TVL) of $29.8 billion as of Feb. 22, according to data compiled by DeFiLlama.
