Lido Contributors Launch wstETH On BNB Chain To Expand User Access To Its DeFi Ecosystem Protocols
In Brief
Lido Contributors unveiled the launch of its wrapped staked ETH on the BNB Chain, allowing users to bridge their wstETH to the platform.
Liquid staking protocol Lido‘s Contributors unveiled the launch of its wrapped staked ETH on the BNB Chain. This now allows users to seamlessly bridge their wstETH to the BNB Chain, granting them access to a wide range of decentralized finance (DeFi) protocols inside of its ecosystem.
BNB Chain is a blockchain created to facilitate the development and deployment of decentralized applications (dApps) and DeFi projects. It is recorded to be hosting over $4 billion in total value locked (TVL) across hundreds of well-known protocols.
This expansion marks Lido’s initial integration with a Layer 1 blockchain outside of the Ethereum ecosystem. The new bridge solution is the result of a partnership between Web3 interoperability networks Axelar and Wormhole. This collaboration has produced a bridge designed to enhance liquidity and expand DeFi opportunities throughout various ecosystems.
In order to facilitate bridging to the BNB Chain, users should navigate to the portal bridge, pick wstETH as the asset, and decide on the networks for bridging. In the “From” section, they should set Ethereum and set wstETH as the asset. In the “To” section, they should choose BSC as the destination network. Users will then need to link their wallet, specify the number of funds to bridge and approve the transaction to wrap up the bridging procedure.
Lido Unveils New Liquid Staking Solution For Institutional Investors
It operates as a liquid staking platform for both Ethereum and Polygon, offering derivative token contracts for liquid staking and additional smart contract infrastructure to facilitate native token staking services.
Recently, it has introduced Lido Institutional, a liquid staking product tailored for institutional investors. This new offering blends the reliability and security required for enterprise-level staking with the liquidity and flexibility needed to support various institutional strategies.
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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, 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.
