The post Venus Protocol Announces the Introduction of Liquid Staked ETH Pools appeared on BitcoinEthereumNews.com.

Editorial Note: The following content does not reflect the views or opinions of BeInCrypto. It is provided for informational purposes only and should not be interpreted as financial advice. Please conduct your own research before making any investment decisions. Venus Protocol, a top 5 decentralized finance (DeFi) lending platform, is announcing the deployment of new Liquid Staked ETH pools across multiple blockchain networks, including Arbitrum, Ethereum, and BNB Chain. This initiative aims to enhance the platform’s capabilities by offering diverse collateral options, increased liquidity, and new opportunities for users. Following the approval of VIP-363, Venus Protocol will introduce a “Liquid Staked ETH” pool on Arbitrum One. This new pool will feature markets for WETH, wstETH, and weETH, with risk parameters carefully aligned with recommendations from Chaos Labs. The use of Lido’s wstETH and ether.fi’s weETH as collateral on the Ethereum mainnet demonstrates the demand for such assets on the Venus platform. On BNB Chain, users can supply these assets for borrowers and accumulate rewards. Additionally, vaults utilizing yield strategies, such as recursive staking, can tap into Venus’s market to borrow ETH and loop wstETH, further enhancing their benefits.  “We are committed to driving innovation and scaling DeFi  to meet the evolving needs of a global  community,” said Brad Harrison, Head of Venus Labs. “The introduction of Liquid Staked ETH pools across multiple networks is a significant step in our mission to provide users with diverse and rewarding DeFi solutions.” What is a Liquid Staking Token (LST)? A Liquid Staking Token is a tokenized representation of staked assets. When users stake their assets, they receive an equivalent amount of LSTs, which can be traded, sold, or used in other DeFi protocols. This provides liquidity to the staker while their original assets remain staked, offering flexibility and additional opportunities within the DeFi…

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Filed under: News - @ September 26, 2024 7:21 pm