21Shares has launched the first exchange-traded product (ETP) offering exposure to the Lido DAO (decentralised autonomous organisation) that decides the parameters of staking protocols by voting through its LDO token.
The 21Shares Lido DAO ETP (LIDO) is listed on BX Swiss and will list on the Euronext Paris on 14 June with a total expense ratio (TER) of 2.5%.
LIDO offers a single asset exposure to a liquid staking solution used by proof-of-stake (PoS) blockchains including ethereum, polygon and solana.
The ETP captures the performance of LDO, the underlying ERC-20 governance token which is a fungible smart contract that allows users to vote on initiatives and decisions within Lido DAO.
Lido DAO enables participants to stake their assets and receive an equal sum of staked tokens, which accrue staking rewards.
Arthur Krause, director of ETP product at 21Shares, commented: "LIDO was launched to offer investors exposure to liquid staking, one of the fastest-growing segments in the digital asset space.
“Lido DAO's position as a pioneer and market-leader make this an ideal entry point for investors looking to participate in the growth of this important sector.”
21Shares’ latest ETP is the firm’s latest venture into uncharted niches of the crypto space following the launch of the 21Shares Stacks Staking ETP (ASTX) in April and 21Shares Staking Basket (STAKE) in January.
21Shares is a portfolio company of ETFS Capital, an investor in ETF Stream