Liquid Staking Platform Stride Protocol Integrates Namada to Offer Dual Rewards for LST Holders
The integration will enhance data protection on shielded sets on Namada while allowing Stride protocol LST holders to utilize their tokens for extra shielding rewards in $NAM tokens.
Stride protocol, a multichain liquid staking platform that allows users to utilize and manage their liquid staking tokens (LSTs), announced the integration of the multi-asset shielding protocol, Namada, this Thursday. The latest strategic integration between the two Cosmos-based firms aims to enhance overall data protection across the blockchain ecosystem as well as enhance utility for Strides LSTs.
As one of the leading liquid staking platforms in the Cosmos/IBC ecosystem, Stride allows users to utilize their LSTs across the DeFi ecosystem, including LSTs such as Celestia (stTIA), dYdX (stDYDX), Osmosis (stOSMO), and Cosmos Hub (stATOM). The integration of Namada introduces industry-leading data protection for Strides users, allowing them to join the shielded set on Namada.
Stride is the leading liquid staking solution for the Cosmos ecosystem, so were excited to enable Namada shielding for users of all Stride LSTs, Dieter Fishbein, CCO of Heliax, one of the companies developing Namada, stated. This integration is a big step towards the goal of bringing data protection capabilities to DeFi not just on Cosmos but the broader crypto ecosystem.
Liquid staking is taking shape in the world of DeFi. It allows users to use their staked tokens for other purposes, including liquidity, while still earning the staking rewards. It unlocks the value of the staked tokens while simultaneously allowing users to earn staking rewards.
With the latest integration, Strides LST holders can utilize their tokens to benefit from the personal data protection that Namada offers. LST holders can leverage Namadas multi-asset shielded pool, or MASP, to help strengthen data protection on the platform and receive additional shielding rewards in $NAM tokens. This means the holders of Stride LSTs can collect NAM shielding rewards to protect their data and strengthen Namadas shielded set. Major LSTs on Stride will be eligible to earn Namada shielding rewards ($NAM tokens), while simultaneously collecting staking rewards on the same assets.
Namada and Stride protocol will work together synergistically. With Stride LSTs, users will be able to earn staking rewards on their Cosmos tokens while using Namadas shielded pool and collecting NAM shielding rewards, said Stride Contributor John Galt.
Holders of Strides LSTs can leave their tokens shielded on Namada to earn shielding and staking rewards. Conversely, the integration will enable individuals to hold and transact tokens and NFTs while fully controlling the sharing of their personally identifiable information. Additionally, they can shield their data even when interacting with transparent blockchains and seeding new accounts.
Finally, Namada will extend its shielded set to all LSTs on the Stride protocol, providing modular data protection capabilities to existing blockchain networks and decentralized applications (DApps). Given that the levels of data protection increase as more assets are shielded, Namada will benefit from the additional LSTs on the platform. This means more users will be rewarded for strengthening data protection for others on the platform.
Text source: ZyCrypto
