Stakeall Finance Launches Liquid Staking Shuttle For Lido on Polygon

Polygon Labs

June 3, 2022

Stakeall Finance, a blockchain platform that builds DeFi staking strategies on Proof-of-Stake (PoS) protocols, has announced the mainnet launch of its new Shuttle System for Lido on the Polygon network. Users can now stake and bridge their stMATIC tokens to Polygon for a fraction of the usual fees.

In early March, Polygon became the fourth blockchain to have its native token, MATIC, supported on Lido — a liquid staking solution that lets users earn rewards by staking their digital assets while allowing them to be used in other on-chain activities.

Holders who stake their assets on Lido will receive corresponding amounts of these st-tokens, which are functionally identical and can be freely used on various DeFi platforms or redeemed for their native counterparts.

However, this is all currently done on the Ethereum mainnet, meaning that users have to stake their Ethereum-based MATIC and will receive Ethereum-based stMATIC in return. Meanwhile, those who want to use their new tokens within the Polygon ecosystem must pay an additional fee to “bridge” them. This is where Stakeall Finance’s Shuttle System comes in.

Next stop — Polygon

The newly launched shuttle for Lido on Polygon is a smart contract-based cross-chain staking protocol that allows users to stake MATIC on Ethereum and receive stMATIC tokens directly on the Polygon network for a significantly smaller fee. Instead of processing each transaction separately, the shuttle works as a giant “cargo container” for tokens, batching large numbers of them together and sending them out to users’ wallets in bulk.

From a user’s perspective, the whole process is extremely simple. After connecting a Polygon wallet to Stakeall Finance’s Shuttle platform, users simply enter the amount of MATIC to be staked and click the “Deposit” button. The system will automatically calculate how many tokens users will receive based on the dynamically updated MATIC/stMATIC ratio.

The shuttle offers a substantially cheaper alternative to the current cost of transacting between the two networks.

Finally, after receiving their stMATIC tokens from the shuttle, holders can use them across the Polygon ecosystem across various dApps such as Quickswap, The Sandbox, Balancer, and others.

Click here to learn more about Stakeall Finance and check our blog to keep up with the latest on the Polygon ecosystem.