Lido and Pyth Network bring stETH to over 20 blockchains

Lido, a liquid staking solution for Ethereum, Solana and Polygon, together with oracle service Pyth Network, have launched a real-time, secure price feed for staked ether (stETH) tokens on over 20 blockchains.

In a blog post, Lido DAO contributor Jacob Blish said, “The introduction of a reliable, real-time feed for stETH represents a critical milestone for the decentralized finance industry, as developers will be able to extend and build upon exposure to Lido’s staked ether assets.”

Rather than locking up assets through traditional staking, Lido’s liquid staking protocol allows users to earn staking rewards on the underlying asset — in this case, ether — while unlocking utility and liquidity for it across various DeFi applications in the form of a liquid staking derivative token — in this case, stETH. Pyth’s financial oracle network delivers real-time price feeds sourced from multiple first-party institutional data sources.

DeFi projects, including Synthetix, Venus, 0vix, D8X and Tigris Trade, have already integrated the Pyth stETH/USD feed into their platforms, enabling the apps to track and facilitate transactions on the real-time price of stETH.

Developers can access the price feed on various chains, including Ethereum, Solana, Arbitrum, Optimism, Aptos and Sui, attracting more investors seeking exposure to stETH, the post claimed.

Pull model

Rather than the push model used by most oracles in DeFi — where off-chain processes continuously send transactions to update on-chain prices — “Pyth introduces a low-latency pull oracle design, where users pull price updates on-chain when needed, enabling everyone using that blockchain to access the data point,” the post added.

Lido is the largest liquid staking protocol, with nearly $14 billion value locked, according to The Block’s data dashboard.

Pyth claims to be the largest first-party financial oracle network, securing more than $2 billion in value.