HyveDA unveils X Committee in partnership with Lido, listing wstETH as first collateral

by
Alyssa Davidson

Posted: November 21, 2024 12:00 PM Updated: November 21, 2024 10:17 AM

by well

Correction and fact check date: November 21, 2024, 12:00 PM

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Symbiotic Hyve’s guaranteed high-throughput middleware data availability protocol has announced a strategic partnership with Lido, Ethereum’s liquid staking protocol. Together, they are forming the

“Working with Lido to enable wstETH as HyveDA’s first restaking collateral expands Ethereum’s underlying security while significantly improving throughput and preserving its permissionless nature,” Douwe Fassen, founder and CEO of HyveDA, said in a written statement. “It will help you do that.” “A new era of data availability solutions has arrived,” he added.

Lido’s wstETH will be the first collateral listed on the wstETH, which accounts for more than 65% of Symbiotic’s $2.1 billion Total Value Locked (TVL), will now help secure HyveDA’s 1GB/s data availability solution. This partnership highlights HyveDA’s commitment to securing its upcoming data availability solutions with highly liquid, secure, and widely accessible assets.

X Committee launched to promote HyveDA development

The launch of the This initiative will allow the Ethereum Liquidity Re-Staking Token (LRT) to secure HyveDA.

HyveDA leverages the innovative architecture of the Symbiotic Restaking Protocol, which provides operators with a wide range of flexible storage and collateral options. By combining HyveDA’s high-performance data availability solutions with Symbiotic’s modular staking, shared security, and aligned incentives, the platform is positioned to deliver the raw performance and scalability needed for data-intensive applications.

Any decentralized protocol can integrate with HyveDA to improve performance and user experience, and enable new use cases. HyveDA’s high-throughput data availability layer is specifically designed for data-intensive applications such as Layer 2, DePIN, AI, decentralized order exchange (DEX), and blockchain gaming.

TVL increased by 600K ETH following the unveiling of Lido’s “Lido Alliance” to reclaim Symbiotic assets. This, combined with Symbiotic’s growing re-staking market share and HyveDA’s upcoming 1GB/s solution, creates a powerful combination for both stakers and integrators. This means providing secure incentives for stakers and unparalleled scalability for aggregators.