10 months ago
LidoDAO took power of the deployment for a wrapped mentation of its flagship token, stETH, connected Base.
Lido’s governing assemblage has approved the deployment of Lido’s Wrapped Staked Ether (wstETH) to Coinbase’s Base network, according to a Nov. 8 announcement. The token is present unrecorded and tin beryllium traded oregon utilized successful decentralized concern (DeFi) applications connected the Base network.
— Lido (@LidoFinance) November 8, 2023Lido is simply a liquid staking protocol that allows users to involvement immoderate cryptocurrencies while simultaneously utilizing them successful DeFi applications. It does this by issuing a derivative token that tin beryllium redeemed for the underlying staked one.
In the lawsuit of Ethereum’s autochthonal coin, Ether (ETH), the derivative token is called “Lido taked Ether (stETH),” which exists connected the Ethereum network. When it is sent to different networks done a bridge, it has to archetypal beryllium wrapped, creating a treble derivative token called “Wrapped Staked Ether (wstETH).” Before Nov. 8, nary authoritative mentation of wstETH existed connected the Base network.
On Oct. 17, Kyberswap announced that the Beefy Finance squad had deployed an unofficial mentation of wstETH connected Base. The 2 teams offered a connection for the DAO to instrumentality power and judge ownership of this version, truthful arsenic to officially endorse it.
Related: Lido volition ‘wind down’ enactment for Solana stSOL token
The DAO approved the connection connected Nov. 2 aft 597 cardinal votes were formed successful favour of it and 255 were formed against it.
“The availability of wstETH connected Base marks a large milestone successful the travel to scaling wstETH adoption,” LidoDAO contributor Marin Tvrdić stated. “Expanding the protocol’s web of compatible L2s bridges the spread betwixt scalability limitations and the increasing request for decentralized staking to payment the broader Ethereum ecosystem.”
Although this peculiar deployment received enactment from LidoDAO members, not each versions of wstETH person been accepted arsenic official. LayerZero launched a mentation of wstETH for Avalanche, BNB Chain, and Scroll that drew disapproval from aggregate protocols for allegedly being “proprietary.” That mentation is inactive being debated by the DAO, and nary ballot has yet been taken connected it.
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