KR1, a blockchain and crypto-asset investment firm, today announced that it has invested a total of USD $ 150,000 in the Lido project in exchange for 15,000,000 Lido tokens (LDO).
Lido is an Ethereum 2.0 liquid staking solution supported by several industry-leading staking providers. The system allows users to earn Ethereum (ETH) staking rewards with no lock or minimum deposits, while also contributing to the security of the recently launched Ethereum 2.0 blockchain.
By issuing a proxy ticket, known as stacked ETH (stETH), Lido creates a liquid alternative for stacked ETH, allowing otherwise locked tickets to be transmitted, traded and Used across other Ethereum DeFi applications. As such, Lido’s stoop token could become an important primitive base in DeFi, and a basic building block for Ethereum’s ‘silver lego’ stack.
“We were very pleased to see the recent launch of the first phase of the Ethereum 2.0 roadmap and the subsequent enthusiasm from the community for stopping ETH. With such a large and diverse community of ETH holders, there is a huge demand for innovative new products and Lido has created a very compelling proposition. Their focus on simplicity, great user experience and flexibility will generate huge interest and we are excited to get involved so early. ”
– George McDonaugh, Managing Director and Co-Founder of KR1