The post HyveDA Partners with Lido to Revolutionize Data Availability with Scalable Solutions appeared on BitcoinEthereumNews.com.

In the turn of events, HyveDA has announced a groundbreaking partnership with Lido. HyveDA is a high-throughput middleware data availability protocol secured by Symbiotic while Lido is Ethereum’s leading liquid staking protocol. Together, they are launching the X Committee which is an Ethereum-aligned, permissionless Data Availability Committee (DAC) and Lido’s wstETH is chosen as its inaugural collateral. HyveDA Advances Decentralized Data Solutions The collaboration between the two strengthens the innovative approach of HyveDA. It enables the use of wstETH to secure its 1GB/s throughput solution. This partnership highlights the growing importance of secure and scalable solutions for decentralized networks. Furthermore, it leverages over 65% of Symbiotic’s $2.1 billion Total Value Locked (TVL). The X Committee is a major milestone for HyveDA as it addresses the growing demand for high-performance and censorship-resistant data services. Douwe Fassen, Founder and CEO of HyveDA, emphasized the significance of the collaboration. He states that “collaborating with Lido to enable wstETH as the first staking collateral in HyveDA will help us extend Ethereum’s underlying security while drastically enhancing throughput and conserving a permissionless nature. The new era of data availability solutions is here.” HyveDA is powered by Symbiotic’s modular staking and shared security features. It aims to redefine the operation of data-intensive applications like Layer 2s, AI, and blockchain games. Its permissionless architecture ensures wider accessibility while maintaining scalability and cost efficiency. The Role of Lido in Expanding Collateral Use Cases Lido’s liquid staking token $wstETH continues to prove its versatility in decentralized finance (DeFi). Jakov Buratovic, Master of DeFi at Lido believes that the move to integrate wstETH into HyveDA’s infrastructure was a natural evolution. He commented “wstETH has already proved that it is the best collateral on lending markets. Expanding the use case towards securing other pieces of infrastructure like HyveDA was the most…

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Filed under: News - @ November 21, 2024 11:17 pm