Crypto Exchange Kraken Backs Enterprise-Grade Liquid Staking Protocol
On Tuesday, the liquid staking firm Alluvial revealed a consortium of organizations will collaborate on the “first enterprise-grade multi-chain liquid staking protocol.” Alluvial’s announcement detailed the protocol will be known as the “Liquid Collective” and the cryptocurrency exchange Kraken has joined as a foundation member. Liquid Collective Aims to Bolster a Multi-Chain Liquid Staking Standard
In a blog post published by the liquid staking company Alluvial, the startup introduced the new enterprise-grade multi-chain liquid staking protocol called the “Liquid Collective.” The Liquid Collective also has a Liquid Foundation, which includes participants such as Kraken, Coinbase Cloud, Staked, Kiln, Figment, and Alluvial. “[The] Liquid Collective will be governed in a decentralized manner by a broad and dispersed community of industry participants,” Alluvial’s announcement on Tuesday notes.
Liquid staking has been a prominent trend in the world of decentralized finance (defi). Lido Finance is the largest liquid staking provider today, and the wrapped ethereum token Lido offers is called lido staked ether (STETH). At the end of August, Coinbase announced the launch of its own liquid staking token called CBETH. The Liquid Collective’s enterprise-grade token will be called LSETH and KYC/AML will be standardized into the protocol.
“Liquid Collective, a multi-chain liquid staking standard, seeks to address the need for the highest guarantees of security and KYC/AML checks for institutions, Web3 native enterprises, and other regulated entities to meet regulatory obligations and best practices while unlocking new liquidity and increased capital efficiency on leading proof of stake blockchains,” Alluvial’s blog post details.
The Liquid Collective brand and protocol will be impactful according to the CMO of Alluvial, Mark Forscher. “Liquid Collective’s brand symbol is a group of liquid droplets repeated in a circle. A graphical representation of ‘one from many,’ the resulting shape is harmonious and balanced with a star formed in the middle, symbolizing the formation of Liquid Collective and our intended impact. The sum is greater than its parts,” Forscher remarked on Tuesday. Tags in this story Alluvial, CBETH, Coinbase, Coinbase Cloud, Enterprise-Grade Liquid Staking Protocol, ether, Ethereum, Ethereum (ETH), Figment, Kiln, Kraken, KYC/AML, Lido, Liquid Collective, Liquid Foundation, Liquid Staking, LSETH, Mark Forscher, Staked, STETH
What do you think about Alluvial’s announcement introducing the Liquid Collective and Liquid Foundation members? Let us know your thoughts on this subject in the comments section below. Jamie Redman
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Microstrategy Buys 301 Bitcoin, Public Company Now Holds 130,000 BTC NEWS | 1 day ago Harris Poll Report Finds That 71% of Crypto Investors Are Confident They Will Become Billionaires NEWS | 2 days ago
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