LDO, StETH jump on partnership between Lido, Mellow Finance and Symbiotic

Lido has announced a strategic partnership with Mellow Finance and and Symbiotic, aiming to enhance the utility and liquidity of staked ETH (stETH) through advanced DeFi vaults. This announcement has caused Lido DAO (LDO) and Lido Staked ETH (stETH) prices to jump significantly.

This partnership forms the Lido Alliance, which seeks to provide stETH holders with robust security, increased rewards, and innovative staking opportunities.

The partnership details

Lido’s collaboration with Mellow Finance focuses on providing advanced DeFi vaults, enabling stETH holders to restake their tokens, receive Mellow Vault LRTs, and earn additional staking rewards based on their Vault’s Curator Strategy.

This strategic move aligns with Lido’s mission to enter the Ethereum restaking space, offering a user-friendly and secure experience, complete with comprehensive audits, thorough testing, and continuous monitoring.

The initial phase of the partnership includes four strategy curators namely Steakhouse Financial, P2P Validator, MEV Capital, and Re7 Labs. These vaults aim to boost liquidity and provide additional rewards from DeFi opportunities, all while maintaining the utility and liquidity of staked Ether.

While the details of the first phase have been revealed, the details of the future roadmap are yet to be disclosed. However, the partnership’s phased rollout mean investors should expect to see further development as the rollout progresses.

Lido DAO (LDO) and stETH price reaction

Following the announcement of the partnership, the price of Lido DAO (LDO) jumped by 11.61% to trade at $2.03 at press time, despite its 24-hour trading volume having dropped by about 30% to $158.3 million.

Similarly, stETH experienced a 4.95% price increase, reaching $3,612.47 at press time. Its market cap also rose by about 4% to $34.35 billion following the price increment despite its 24-hour trading volume dropping by about 55% to $68.79 million.

Despite the recent market fluctuations, both LDO and stETH have shown resilience, with stETH witnessing a 22% rise over the past 30 days and LDO rising by 13% over the same period.

Looking into the future price movement expectations, the Ethereum ecosystem remains cautiously optimistic, with future predictions indicating potential Ethereum (ETH) growth, by extension, stETH.

On the other hand, the total value locked (TVL) in Lido stands at an impressive $34.372 billion according to data from DefiLlama, representing a 60% increase since the beginning of the year. This underscores the increasing investor confidence in Lido and points to a bullish sentiment for the Lido DAO (LDO) token.

The post LDO, StETH jump on partnership between Lido, Mellow Finance and Symbiotic appeared first on Invezz