TL;DR:
- Lido.finance allows users to stake tokens like Ethereum, Polygon, Solana, Polkadot, and Kusama and withdraw them at any time through liquid staking.
- Liquid staking allows users to withdraw or add liquidity at any point in time, where users can receive Liquidity Provider (LP) token after depositing the supported tokens in the platform
- The LP tokens allow users to use them on different DeFi protocols for additional yields.
Table of Contents
Coins Wiki: LDO (Lido DAO Token)?
LDO
| Token name | LDO |
| Ticker | LDO |
| Website | Lido.fi |
| Whitepaper | Lido Whitepaper |
| Network | ERC-20 |
| Summary of Token | The Lido token is a decentralized finance (DeFi) protocol built on the Ethereum blockchain. It is designed to provide users with a secure and efficient way to access liquidity and earn yield on their crypto assets. |
| Overview of Token | LDO token is the governance token for Lido Finance, which is a DeFi platform that allows users to participate in crypto staking without the need for heavy hardware or extensive knowledge.
LDO Token holders can participate in governance by voting for proposals where 1 LDO = 1 Vote. The LDO token also accruals in value as the platform charges 10% fees on the staking rewards which is then split between node operators and Lido DAO. |
| Audit | Git Hub |
| Circulating Supply | 845,998,268 LDO |
| Contract Address | 0x5a98fcbea516cf06857215779fd812ca3bef1b32 |
| Max Supply | 1,000,000,000 |
| Number of Holders | 32,777* |
| Blockchain | ERC-20 |
| Year in-corporated | 2020 |
| Governance Token | LDO |
| Where to Buy & Sell | Trade LDO on CoinsPro a BSP-regulated licensed crypto exchange in The Philippines |
| Token Use Cases | The token has various important functionalities, including voting on governance proposals, paying fees, and rewarding LDO token holders. Voting on governance proposals allows the community to have a voice when making important decisions relating to the platform while paying fees is essential for the platform's operation. |
| *as of writing |
What is LDO (Lido DAO Token)?
Lido Finance is a decentralized crypto-staking platform for Ethereum ($ETH), Polygon ($MATIC), Solana ($SOL), Polkadot ($DOT), and Kusama ($KSM). The platform allows users to earn yields by staking the supported tokens.
Proof of Stake (PoS) is a consensus mechanism where users deposit cryptocurrencies into a wallet, node, or validator. The deposited tokens act as a guarantee that users have an interest in the blockchain and will not verify or create new blocks if there are malicious or fraudulent activities. In doing so, the user receives a reward whenever a new block is created.
How does Lido Finance work?
Lido Finance uses a token-based staking model. Instead of needing to worry about choosing a validator to stake their crypto, users simply send their crypto to the Lido smart contract. In exchange, they receive LP tokens, which represent their stake in the staking pool.
For example, if a user deposits Ethereum (ETH), they will receive a 1:1 of stETH which represents staked Ethereum on Lido.
The staked token, or stETH, can be traded like any other cryptocurrency, allowing users to buy, sell, or use them on other DeFi protocols to earn yields.
To redeem Ethereum with stETH, users can sell stETH on DEXs which will give them ETH in exchange for their stETH.
Why is Lido Finance so popular?
While there are many tokens that are running on Proof Of Stake or have a staking feature, there are some that require hardware and complex technical knowledge to run a node or validator.
To earn staking rewards from staking Ethereum, users will need a computer to run the node and a minimum of 32 ETH to get started. They would also need to maintain the node by ensuring that there’s a 99.9% uptime. For many, the learning curve and initial capital is high. With Lido Finance, users can easily join with as little as 0.01 ETH. This makes staking accessible for users who would want to earn ETH yield as well.
Coupled with the utility of Staked Token, stETH, this makes Lido a popular platform because of how users can use their staked token across different platforms and even on the L2 protocol.
What is the LDO Token?
The LDO token is an ERC-20 token and the native token of the Lido Finance platform. The LDO token is used for platform governance where 1 LDO equals 1 Vote. LDO token holders can propose and vote on changes to the platform. Proposals are voted on by LDO token holders, and the majority of votes determine whether the proposal is approved or not.
Since Lido provides platform staking, they collect a staking fee. Lido charges a 10% fee on staking rewards which are then split between node operators and the Lido DAO. Lido DAO receives 5% of all staking rewards, which results in the value of LDO increasing in value as well.
How to buy LDO Token in the Philippines?
Via Coins Pro, BSP Licensed Spot Exchange:
- Step 1: Log into your Coins Pro account and click [Balance].
- Step 2: Select the currency you want to deposit, click on [Deposit] and enter your desired cash-in amount.
- Step 3: Select LDO/PHP pair and enter the [Order Quantity] you would like to trade.
- Step 4: Click Buy or Sell to place your Limit and Stop Orders.
- Step 5: Wait for your order to be filled
How To Deposit & Withdraw LDO to Coins Pro In The Philippines?
Step 1: Get whitelisted for Coins Pro’s Wallet Address here
Step 2: Our team will provide access to you shortly within two working days..
Step 3: Once you have access, Tap [Deposit] and select [Deposit from Wallet]
Step 4: Complete your order.Learn more on What is Coins Pro Crypto Deposits and Withdrawals? How to Deposit & Withdraw?
Disclaimer: The information and publications in this article are not intended to be and do not constitute financial advice, investment advice, trading advice, or any other advice or recommendation offered or endorsed by Coins.
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