KR1, a blockchain and crypto-asset investment company, today announced that it has invested a total of USD $150,000 in the Lido project in return for 15,000,000 Lido (LDO) tokens.
Lido is a liquid Ethereum 2.0 staking solution backed by several industry-leading staking providers. The system allows users to earn Ethereum (ETH) staking rewards with no lock-ups or minimum deposits, whilst also contributing to the security of the recently launched Ethereum 2.0 blockchain.
Through the issuance of a proxy token, termed staked ETH (stETH), Lido creates a liquid alternative for staked ETH, allowing tokens otherwise locked up to be transferred, traded, and used across other Ethereum DeFi applications. As such, Lido’s stETH token could become an important base primitive in DeFi, and a foundational building block for the Ethereum ‘money-lego’ stack.
“We were very pleased to see the recent launch of the first phase of Ethereum 2.0’s roadmap and the ensuing enthusiasm from the community for staking ETH. With such a large and diverse community of ETH holders, there is huge demand for innovative staking products and Lido has created a very compelling offering. Their focus on simplicity, great user experience and flexibility will garner huge interest and we’re excited to be involved at such an early stage.”
– George McDonaugh, Managing Director and Co-Founder of KR1