Andreessen Horowitz, also known as a16z, has invested $70 million in the staking service Lido Finance.
The US venture capital firm has justified its investment by arguing the efficiency and simplicity of the Lido platform, including in terms of serving institutional clients. The company has also pointed to the decentralization of the service through the DAO.
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The advantage of Lido Finance lies in the availability of liquid staking. For the latter, the project uses the native stETH token, which is a tokenized version of the coins involved in the Ethereum 2.0 ecosystem.
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The total value of the assets involved in Lido exceeds $13.7 billion. In addition to Ethereum 2.0, the service allows users to stake LUNA to get bLUNA with an annual return of 7.5%, as well as Solana to get stSOL and Kusama to get stKSM.