Gravita x Lido Finance: A Partnership to Fuel Decentralization
We’re thrilled to unveil our collaboration with Lido Finance, which brings support for Wrapped stETH (wstETH) as collateral on Gravita Protocol at launch. This partnership not only expands the range of assets available on our platform but also showcases our commitment to fueling decentralization in the Ethereum ecosystem.
What is wstETH and why is it important?
Wrapped stETH (wstETH) is a DeFi-compatible version of the stETH token. As an ERC-20 token, wstETH can easily integrate with DeFi protocols, including Gravita. wstETH maintains a fixed stETH balance while reflecting your staking rewards using an underlying share system.
stETH is the largest Liquid Staking Token (LST) available, with deep liquidity across most DeFi protocols. As Lido v2 approaches its launch, the potential for growth and adoption is immense.
Advantages of wstETH on Gravita
By supporting wstETH as collateral, Gravita Protocol unlocks new opportunities for holders:
- Access to $GRAI by means of productive collateral
- Reduced risk of liquidation linked to wstETH yield
- A very low 0.5% one-time fee for loans, with a fee refund for short-term borrowers
- Seamless integration with DeFi markets, providing enhanced liquidity and earning opportunities
Addressing concerns
We understand that some users may have concerns regarding the support of assets like stETH.
Gravita’s mission is to support what’s best for the Ethereum ecosystem. By including various collateral types, we promote diversification and decentralization as a whole, even if individual LSTs may have for some centralization concerns.
Our commitment to quality, safety, and decentralization is unwavering. We actively monitor the progress of projects and adjust benefits and mint caps within our system accordingly. This ensures that our platform remains aligned with our mission of fueling decentralization.
wstETH and beyond!
The support of wstETH on Gravita Protocol is just the beginning. We’re dedicated to expanding our collateral options and serving the needs of various users. Stay tuned for more exciting announcements as we continue to make Gravita Protocol the go-to platform for borrowing against productive and yield-generating assets. 🚀
