The R stablecoin derives its value from a single crypto asset, specifically the staked ether (stETH) provided by Lido, a prominent leader in liquid staking.
If the governance vote is approved, the most recent version of Lido will be launched on the Ethereum blockchain, which is Lido's largest market.
Maximal extracted value (MEV) is an expensive problem that comes from the fact that Ethereum's architecture doesn't rely on trust. It could happen even if the Merge stops mining.
Over 90% of the Ethereum market is occupied by Lido's liquid staking derivative token as the network eventually switches to proof-of-stake.
While the total value locked (TVL) in decentralized finance (defi) is hovering just above the $214 billion level, a defi protocol known as Lido has been creeping closer to overtaking Curve as the protocol with the most TVL in a defi protocol, according to Blockstream. In addition to Ethereum, Solana, Terra, Polygon, and Kusama blockchain networks, the liquid staking solution Lido currently has $19.2 billion in staking assets sourced from five different blockchain networks, including Ethereum, Solana, Terra, Polygon, and Kusama.