Home CryptoNews Companies Coinbase Cloud and Figment Work on First Enterprise-Grade Liquid Staking Protocol

Coinbase Cloud and Figment Work on First Enterprise-Grade Liquid Staking Protocol

In a recent development, Coinbase Cloud has announced a collaboration with Figment to support the development of the first enterprise-grade liquid staking protocol. A set of skilled operators and experienced founders will be pursuing the creation of this liquid staking protocol. The team at Alluvial is aiming to fill the void created by the absence of an enterprise-grade liquid staking protocol in the industry.

However, the software developing firm will seek early support from the Coinbase Cloud. Alluvia is being led by Matt Leisinger, who was also the ex-Head of Liquid Staking Products at Figment. Other members of the founding team include the former CTO of Kiln staking-as-a-service platform, Nicolas Maurice, and ex-Head of Institutional Business as the Index Cooperative, Mike Taormina.

All of these members are experienced and decorated individuals in their fields and organizations. Therefore, there are joining hands at Alluvial to build an ecosystem that is transparent and has a community-driven governance mechanism. Alluvial aims at becoming a decentralized protocol that enjoys wide industry participation. Also, the protocol will be managed by a Decentralized Autonomous Organization (DAO).

liquid staking alluvial

Coinbase Cloud to Lend Support for Alluvial in Providing Liquid Staking to the Industry

The protocol critically believes that liquidity is essential in promoting the growth of the web3 economy. Therefore, it is essential to address the need for liquid staking in the industry. Liquid staking facilitates the use of assets like lending and collateral to trade. Through staking, these assets are locked for a set time period, as they remain inaccessible.

However, through liquid staking, users can conduct staking without the limitation of locking assets. They can easily stake their assets and receive a receipt for it as evidence. Then, they can use the receipt tokens to conduct activities on the web3 at large. Liquid staking is the primary key toward opening new gateways in web3 financial innovation.

As a concept, liquid staking is enjoying immense support from organizations and firms. Since January 2021, institutions have shown immense support for liquid staking in Ethereum. With such a wide market interest at hand, Alluvial is aiming to come up with an industry standard for liquid staking through assistance from Coinbase Cloud.

Moreover, Coinbase Cloud and Figment will conduct staking services on the network. With time, more industry-leading operators will join the network. To scale the network, more validators will be gradually added to the network offering reliability and security. Coinbase Cloud and Figment eye the coming as a possibility to expand and scale the emerging network.

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