Lido’s stETH And wstETH Now Available On Soneium, Enabling Direct Bridging
In Brief
Lido has announced that its stETH and wstETH are now available on Soneium, marking the latest addition to the assets’ growing multichain ecosystem and making staking rewards accessible across networks.
Liquid staking protocol on Ethereum, Lido has announced that its stETH and wrapped stETH (wstETH) are now accessible on the Ethereum Layer 2 blockchain, Soneium.
Soneium, developed by Sony Block Solutions Labs—a subsidiary of Sony Group—aims to provide a platform that helps creators, fans, and communities protect their rights and connect on a global scale. Built using Optimism’s OP Stack, it is an EVM-compatible blockchain.
The deployment on Soneium was carried out through Lido’s Multichain Automaton, a script designed to streamline the process of integrating stETH and wstETH bridges across OP Stack networks. This approach ensures the deployment maintains both robustness and transparency.
How To Bridge stETH Or wstETH To Soneium?
Superbridge.app offers an easy solution for transferring stETH and wstETH between Ethereum and Soneium. To use the bridge, users must ensure that their wallets contain stETH or wstETH. Then, they need to select Ethereum as the source chain and Soneium as the destination chain within the Superbridge application. After reviewing the transaction details, users will approve the interaction and confirm the transfer in their wallet.
Next, users should choose either stETH or wstETH from the dropdown menu, specify the amount to transfer to Soneium and link their Ethereum wallet to the bridge UI. It’s important to ensure there is enough ETH in the wallet to cover gas fees. Superbridge.app is a popular bridge UI for OP Stack chains.
For users who wish to unwrap wstETH into stETH or wrap stETH into wstETH, this can easily be done on the Soneium Mainnet using Lido’s wrap widget, providing a simple and efficient way to manage tokens.
Lido is a liquid staking solution designed for Ethereum and Polygon, offering services like liquid staking derivative token contracts and supporting smart contract infrastructure to enable native token staking.
stETH is a transferable rebasing utility token that represents a share of the total ETH staked through the protocol. It includes both user deposits and staking rewards. stETH tokens can be utilized in the same way as ETH, allowing users to earn staking rewards while leveraging them across the decentralized finance (DeFi) ecosystem to gain additional rewards.
wstETH is a wrapped version of stETH. Since Lido’s staking rewards accumulate daily, the amount of stETH in a user’s balance fluctuates. However, some DeFi protocols require a fixed balance for tokens. To address this, wstETH maintains a constant balance of stETH while using an underlying share system to represent the staking rewards.
Disclaimer
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, 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 crypto, AI, 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.
