Lido Announces Support for Polygon Network

TokenInsight news, liquidity staking protocol Lido announced that it has supported the Polygon network. When staking $MATIC with Lido users will receive $stMATIC tokens in exchange for their $MATIC. Users’ $stMATIC represents their staked tokens, generating rewards and contributing to the security and stability of the Polygon chain. $stMATIC will be integrated into a number of DeFi protocols across both Ethereum and Polygon. Phase 1 of Lido for Polygon has a $1M deposit cap to ensure things work as intended. In April, this cap will be removed and phase 2 of Lido for Polygon will start.