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This article also provides a step-by-step guide on how to earn LDO, CRV with the Metamask wallet.

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In today’s article, we’re going to briefly talk about the two major decentralized finance (DeFi) tokens, which are up more than 9% in the last 24 hours. But before that, here is an overview of Bitcoin (BTC). BTC, which is often criticized by industry watchers for its high volatility, has been in an accumulation mode since June 2022. With few exceptions between $23,000 and $18,000, BTC has been caught in the crossfire of macro factors such as Federal Reserve rate hikes and Swiss lending defaults etc. However, BTC is currently struggling to reach a crucial psychological level of $20,000. The UN has warned the Fed that further rate hikes are likely to lead to a global economic downturn. Now let’s look at Lido DAO (LDO) and Curve DAO Token (CRV) in detail.

Lido DAO

Lido Finance, the very popular liquid staking protocol, is also enjoying a bullish uptrend. LDO, the project’s native governance token, is currently up over 7% in the last 24 hours. The LDO token will be used to vote on various suggestions to improve the project. Liquid staking refers to the process of depositing, for example, Ethereum, but receiving in return another token that can be used elsewhere in the market (hence the word liquid).

There have been fewer technical updates for the staking project, but after last month’s Ethereum merger, some of Lido’s fundamentals have improved. For example, Staked Ethereum (stETH), the token that users receive in return for staking ETH on the platform, has converged on price parity with Ethereum.

curve DAO

Curve DAO (CRV) is the utility token of the Curve.fi DeFi protocol for exchanging stablecoins and other ERC-20 tokens. Curve’s main goal is to connect users who want to exchange ERC-20 tokens and stablecoins with exchange protocols. To achieve this exchange system, Curve uses liquidity pools backed by liquidity tokens.

Liquidity pools encourage liquidity providers to deposit their tokens into the pools to keep the price at a satisfactory level so that they too can benefit. Liquidity providers are rewarded for depositing their tokens in pools.

CRV is the protocol’s utility token and is used to incentivize liquidity providers, while holders can also use CRV to participate in network governance.

Earning CRV and LDO

  • Set up a Metamask wallet and deposit some Ethereum (ETH) into it. There are different ways to do this. You can buy ETH directly from Metamask or transfer it from an exchange.
  • There are many pools available on Curve Finance for users to provide liquidity. One of them is an ETH-stETH pool with a total locked value (TVL) of $1.8 billion. We will look at how you can participate in this particular pool.
  • If you have ETH, you can go to a decentralized exchange (DEX) like 1inch, connect your Metamask wallet and trade ETH for stETH by paying transaction fees (gas fees).
  • After buying stETH, go to the pool area of ​​the curve.fi website, connect your metamask wallet, find ETH-stETH by searching for stETH in the search area and click on this line.
  • Now go to the deposit section (above). Enter desired ETH and stETH amount in 50:50 ratio (default method, it can be different) and click “Deposit and Stake in Gauge”. Along the way you will be asked to sign messages and gas fees (varies by traffic, better to have $20 ready to spend alongside the amount wagered).
  • You have successfully provided liquidity to the ETH-stETH pool and start earning LDO and CRV tokens every day, which can be found in the dashboard area.

After registering, use promo code TNM51 at www.giottus.com/profile#promo to get Rs.51 worth of bitcoin for free.

Disclaimer: This article was written by Giottus Crypto Exchange as part of a paid partnership with The News Minute. Investments in crypto assets or cryptocurrencies are subject to market risks such as volatility and have no guaranteed returns. Please do your own research before investing and seek independent legal/financial advice if you are unsure about investing.

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