We are thrilled to announce a groundbreaking collaboration between Pyth Network, the fastest growing financial oracle, and Lido, the number one liquid staking solution provider for Ethereum and the go-to liquid staking solution of Solana and Polygon, as we combine our expertise to launch the Pyth stETH/USD price feed.
This collaboration marks a significant milestone for the DeFi industry. Developers across more than 20 blockchains can now permissionlessly access a real-time, secure price feed for the staked Ether (stETH), liquid tokens representing a “staked” or deposited Ethereum token.
DeFi leaders and exciting upstarts, including Synthetix, Venus, 0VIX, D8X, and many more are already tapping into the Pyth stETH/USD feed to power their mission-critical operations.
“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,” said Jacob Blish, BD Contributor at Lido DAO.
Lido and Staked Ether (stETH)
Lido is the leading multichain liquid staking protocol, providing stakers with a simple way to earn staking rewards on a range of assets. Staking via Lido ensures that your assets remain liquid and can be used across a range of DeFi applications to earn extra rewards.
Staking Ether, however, traditionally involves locking up the assets for an extended period, restricting their liquidity and usability. This is where stETH comes into play. Lido allow users to stake their Ether and receive stETH tokens in return. These tokens represent the user's staked Ether. By tokenizing staked Ether, users can enjoy the benefits of staking rewards while maintaining the ability to trade, lend, borrow, or utilize their assets in other ways within the greater DeFi ecosystem.
stETH plays a critical role in unlocking liquidity and capital efficiency for the DeFi realm. Oracle infrastructure powers the vast majority of DeFi services, and a dependable oracle feed for stETH will enable your favorite dApps to reference, track, and make transactions on the real-time price of stETH. For this reason, we’re excited to announce the launch of the new, dedicated Pyth price feed for stETH and expand the range of DeFi applications and strategies that can be built around this prominent synthetic asset.
stETH/USD—Permissionless and Available Everywhere
Pyth Network delivers a real-time stETH/USD price feed sourced from multiple first-party, institutional data sources.
Developers can permissionlessly access the price feed from a diverse array of chains, including Ethereum, Arbitrum, Optimism, Aptos, Sui, Solana, and more.
By providing developers with this critical data point, we’re excited to open the doors to new, transformative DeFi use cases. The stETH/USD price feed will serve as the foundation for the next wave of decentralized financial innovation, from optimizing DEX liquidity to increasing capital efficiency for lending platforms.
In addition to stimulating innovation within the DeFi space, the launch of our stETH/USD feed will also attracts traditional investors seeking exposure to Ethereum's staked ETH. The knock-on effects of increased accessibility and liquidity of stETH-backed products will further bolster the appeal and adoption of decentralized finance: this kind of positive momentum and feedback cycle between capital and innovation is just what our industry needs.
Follow in the footsteps of our #PoweredByPyth partners as they build out new stETH markets and use cases:
- Synthetix — stETH perpetuals market on Optimism
- Venus (V2) — stETH money market on BNB Chain
- Ribbon Finance — stETH decentralized options vaults Ethereum
- 0vix Protocol — stETH money market on Polygon POS and Polygon zkEVM
- D8X — stETH collateral and perpetuals market on Polygon zkEVM
Getting Started
Pyth uses an on-demand price update (”pull”) model that is slightly different from other oracles you may be more familiar with.
Most oracles today use a push model, where the oracle runs an off-chain process that continuously sends transactions to update an on-chain price. In contrast, Pyth introduces an innovative low-latency pull oracle design, where users are empowered to “pull” price updates on-chain when needed, enabling everyone in that blockchain environment to access that data point.
You can get started with the Pyth documentation and follow along our integration guide series.
Lido
Lido is the leading multichain liquid staking protocol, providing stakers with a simple way to earn a yield on a range of assets. Staking via Lido ensures that your assets remain liquid and can be used across a range of DeFi applications to earn extra yield.
Lido launched on Ethereum in 2019 with a mission to keep the Beacon Chain decentralized whilst democratizing access for stakers with less than 32 ETH. It has since launched on several other PoS blockchains, including Solana, Polkadot, Kusama, and Polygon, with others in development.
Pyth Network
The Pyth Network is the largest first-party financial oracle network delivering real-time market data to over 20 blockchains securely and transparently.
The network comprises some of the world’s largest exchanges, market makers, and financial services providers publishing their proprietary price data on-chain for aggregation and distribution to smart contract applications. Applications “pull” Pyth prices onto their native blockchain when needed thanks to Pyth’s on-demand (or “pull-based”) oracle design.
In less than a year, the network secured more than $2.0B in total value. Pyth has facilitated more than $50B in total trading volume and received over 1M client downloads from passionate developers looking to use Pyth data. The network supports 250+ real-time price feeds across crypto, equities, ETF’s, FX pairs, and commodities.
You can learn more about Pyth from their website and documentation.
We can’t wait to hear what you think! You can join the Pyth Discord and Telegram, follow us on Twitter, and be the first to hear about what’s new in the Pyth ecosystem through our newsletter. You can also learn more about Pyth here.
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