Hyve, a data availability protocol secured by the permissionless shared security platform Symbiotic, has announced a collaboration with Lido to introduce wrapped stETH as its first collateral.
The partnership with Lido allows the high-throughput middleware DA protocol to add wrapped stETH (wstETH) as collateral, Hyve said in press release shared with crypto.news on Nov. 21.
Per the announcement, Lido’s wstETH goes live on HyveDA via X Committee, an Ethereum (ETH)-aligned Data Availability Committee launched in partnership with Lido Finance. Notably, Lido is Ethereum’s largest liquid staking protocol, currently with a total value locked of over $32.5 billion.
Hyve launched its data availability protocol in October 2024, coming out of stealth after nearly a year.
Collaborating with Lido to add wstETH as collateral is a key development for HyveDA. Among other factors, it allows HyveDA to further boost Ethereum’s security through Lido staked ETH (stETH)’s underlying validators.
“Collaborating with Lido to enable wstETH as the first restaking collateral in HyveDA will help us extend Ethereum’s underlying security while drastically enhancing throughput and conserving a permissionless nature. The new era of data availability solutions is here.”
Douwe Fassen, founder and chief executive officer of Hyve DA
The move enables Hyve to leverage one of the ecosystem’s most liquid and widely used assets to secure its data availability solution. Currently, wstETH accounts for 65% of Symbiotic’s $2.1 billion total value locked.
HyveDA’s data availability services boast throughput of over 1 gigabyte per second. The protocol combines Ethereum’s security and decentralization with Symbiotic’s modular staking and shared security features.
This solution aims to improve performance and user experience for decentralized protocols, including those powering layer-2 chains, decentralized infrastructure networks, artificial intelligence, and blockchain games.
Read the full article here
