Lido has announced a partnership with Mellow Finance. The objective is to provide the holders of staked ETH (stETH) access to advanced DeFi vaults. The partnership also includes an association with Symbiotic.
The partnership aligns with Lido’s mission to enter the Ethereum restaking space and provide holders with relevant opportunities. The goal is also to boost stETH’s liquidity and utility. In return, holders of the token gain access to a strong security framework, which includes comprehensive audits, thorough testing, and continuous monitoring.
Termed as Lido Alliance, the partnership will be rolled out in a phased manner. The official announcement initiates the first stage, and we have yet to share details about the future roadmap. Lido Alliance will, throughout the partnership development, aim to bring value to stETH holders by entering into multiple strategic partnerships and fostering collaborations.
The partnership enables stETH holders to restake their tokens, receive Mellow Vault LRTs, receive staking rewards, receive additional staking rewards per their Vault’s Curator Strategy, and receive Mellow and Symbiotic points.
These have been alternatively termed the new potential for holders.
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At the time of launch, Steakhouse Financial, P2P Validator, MEV Capital, and Re7 Labs are the four vaults expected to go live.
The community could benefit from taking advantage of additional rewards from DeFi opportunities. This specifically includes restaking, which does not risk compromising the utility and liquidity of staked Ether. Lido Alliance has committed to providing both a user-friendly and battle-tested experience.
The announcement has done little for stETH, as the token has fallen by 0.29% in the last 24 hours. It is exchanging hands at $3,519.13 at the press time. The current value further reflects a drop of 7.46% in the last 7 days and a surge of 20.46% in the last 30 days. Needless to say, values are in sync with ETH, with the token carrying a market cap of more than $422 billion.
Overall sentiments within the Ethereum ecosystem are bearish, with a volatility of 9.25% and a 14-day RSI of 44.97. The 50-day SMA and 200-day SMA are $3,358.08 and $2,915.50, respectively, at the time of writing this article. Ongoing sentiments have not hampered the future predictions of ETH and, thereby, of stETH.
Ether is predicted to reach $3,622.76 in the next 5 days and $3,623.93 in the next 30 days. The monthly rise will be a jump of 2.46% from the current value. Also, there is the factor of Spot Ether ETF, which could play a significant role in bringing an upswing in the value of the token.
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Lido and Mellow Finance joining hands to form Lido Alliance is pivotal, especially because the aim is to boost liquidity and access to advanced DeFi vaults for stETH holders. It now remains to be seen what kind of results the partnership fetches for the community.
