rewrite this title HyveDA Unveils X Committee In Partnership With Lido, Lists wstETH As First Collateral

by
Alisa Davidson

Published: November 21, 2024 at 12:00 pm Updated: November 21, 2024 at 10:17 am

by Ana

Edited and fact-checked:
November 21, 2024 at 12:00 pm

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High-throughput middleware data availability protocol, secured by Symbiotic Hyve, has announced a strategic partnership with Lido, a liquid staking protocol on Ethereum. Together, they are forming the X Committee, which will serve as the upcoming permissionless Data Availability Committee (DAC) for HyveDA, aligned with Ethereum’s network.

“Collaborating with Lido to enable wstETH as the first restaking collateral in HyveDA will help us extend Ethereum’s underlying security while drastically enhancing throughput and conserving a permissionless nature,” said Douwe Fassen, Founder and CEO of HyveDA, in a written statement. “The new era of data availability solutions is here,” he added.

Lido’s wstETH will be the first collateral listed on the X Committee, enabling HyveDA to enhance Ethereum’s security through the staked ETH backing validators. Representing more than 65% of Symbiotic’s $2.1 billion Total Value Locked (TVL), wstETH will now help secure HyveDA’s 1GB/s data availability solution. This partnership highlights HyveDA’s commitment to securing its upcoming Data Availability solution with highly liquid, secure, and widely accessible assets.

X Committee Launch To Propel HyveDA Development

The launch of the X Committee marks a notable step toward HyveDA achieving 1GB/s throughput while preserving its permissionless and censorship-resistant characteristics. This initiative will allow Ethereum liquid restaking tokens (LRTs) to secure HyveDA.

HyveDA utilizes the innovative architecture of the Symbiotic restaking protocol, which provides a wide range of flexible vaulting and collateral options for operators. By combining HyveDA’s high-performance data availability solution with Symbiotic’s modular staking, shared security, and aligned incentives, the platform is positioned to deliver the raw performance and scalability necessary 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 particularly designed for data-heavy applications, such as Layer 2s, DePIN, AI, orderbook decentralized exchanges (DEXs), and blockchain games.

Since the unveiling of Lido’s “Lido Alliance” for Symbiotic restaking assets, its TVL has increased by 600K ETH. This, coupled with Symbiotic’s growing market share in restaking and HyveDA’s upcoming 1GB/s solution, creates a powerful combination for both stakers and integrators: offering secure incentives for stakers and unparalleled scalability for integrators.

About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles