HyveDA has partnered with Lido to integrate wrapped stETH (wstETH) as collateral, leveraging Lido’s liquid staking expertise.
Hyve stated in a press release, the high-throughput middleware DA protocol can now include bundled stETH as collateral as a result of the partnership with Lido.
HyveDA, Lido Partnership
Lido’s wstETH will be available on HyveDA through the X Committee, an Ethereum-aligned Data Availability Committee that was established in collaboration with Lido Finance, as stated in the announcement below. It is important to note that Lido is the most liquid staking protocol on Ethereum, with a total value of over $32.5 billion currently secured.
After nearly a year in covert, Hyve introduced its data availability protocol in October 2024.
The addition of wstETH as collateral through collaboration with Lido is a critical advancement for HyveDA. HyveDA is able to enhance the security of Ethereum by leveraging the underlying validators of Lido staked ETH, among other factors.
“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
Hyve can now secure its data availability solution by utilizing one of the most liquid and extensively used assets in the ecosystem. At present, wstETH is responsible for 65% of Symbiotic’s $2.1 billion total value locked.
HyveDA’s data availability services are distinguished by a throughput exceeding 1 gigabyte per second. The protocol integrates Symbiotic’s modular staking and shared security features with Ethereum’s security and decentralization.
The objective of this solution is to enhance the user experience and efficacy of decentralized protocols, which include those that power layer-2 chains, decentralized infrastructure networks, artificial intelligence, and blockchain games.
