Cryptocurrency Q&A
Is Lido an erc20?
Is Lido an erc20?
BitcoinBaroness
Mon Jun 17 2024
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7 answers
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Could you please clarify for me if Lido falls under the category of ERC20? I've been doing some research on cryptocurrencies and their various standards, and I'm a bit confused about this specific one. ERC20 is a technical standard for smart contracts, isn't it? And it's used for tokens on the Ethereum blockchain, right? So, is Lido compliant with this standard? Or does it operate on a different principle? Your insight would be greatly appreciated as I'm trying to broaden my understanding of this rapidly evolving field.
7 answers
Michele
Wed Jun 19 2024
Lido DAO, a prominent entity in the cryptocurrency landscape, has its own native token known as LDO. This token adheres to the ERC-20 standard, a widely recognized specification for tokens on the Ethereum blockchain.
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Carlo
Wed Jun 19 2024
The LDO token has a predefined maximum supply, capping its total issuance at one billion units. This limited supply ensures scarcity, a crucial factor in maintaining the token's value.
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Daniela
Wed Jun 19 2024
The primary function of LDO is governance. Holders of LDO tokens are granted rights within the DAO, allowing them to participate in decision-making processes and shape the direction of the organization.
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Davide
Tue Jun 18 2024
Governance rights associated with LDO tokens enable holders to vote on proposals, approve changes to the DAO's operations, and influence strategic decisions. This decentralized approach ensures that the DAO remains accountable and responsive to its community.
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Claudio
Tue Jun 18 2024
Additionally, LDO tokens can be used to incentivize participation in the DAO's various activities. For instance, token holders may receive rewards for contributing to the DAO's development or for participating in governance votes.
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