Blockdaemon Launches Institutional DeFi Staking Service

A wide-reaching product

Blockdaemon said its new product offers DeFi yield farming in liquidity pools and across lending protocols as well as proof-of-stake (PoS) staking on major protocols. The integration is a no-code widget that enables customers to embed multichain staking and DeFi functionality into their systems with a single integration.

The company also provides internal application programming interfaces (APIs) for more customized setups. These include a DeFi API that aggregates liquidity and pricing data from multiple protocols, a staking API providing standardized staking access across blockchains and a staking reporting API to track rewards.

Staking attracts increasing interest

On Thursday, crypto exchange Kraken also launched a new Bitcoin staking product through a protocol integration with Babylon Labs. Staking continues to attract increasing amounts of capital, with the supply of staked Ether (ETH) recently reaching an all-time high of over 35 million ETH.

Kean Gilbert, head of institutional relations at the Lido Ecosystem Foundation, recently said that growing institutional interest in Ethereum staking is driving demand for custody solutions tailored to institutions. This appears to be the drive that Blockdaemon is looking to capitalize on.

The situation is expected to become increasingly complex as exchange-traded fund analysts suggest that the first Ether and Solana (SOL) staking ETFs may debut in the United States within weeks.