Lido has approved the rollout of Wrapped Staked Ether (wstETH) to Coinbase’s Base network, as announced on November 8. The token is now live and can be traded or used in distributed finance applications. Power (DeFi) on the Base network.
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Lido is a liquid staking protocol that allows users to stake some cryptocurrency while simultaneously using it in DeFi applications. This is done by issuing derivative tokens that can be exchanged for staked tokens.
Lido staked Ether (stETH) is a derivative token on the Ethereum network which, when sending to another network via bridge, must first be wrapped by creating a double derivative token called “Wrapped Staked Ether (wstETH)” which before the 8th. That November, there was still no official version of wstETH on the Base network.
On October 17, Kyberswap announceIt is reported that the Beefy Finance team has deployed an unofficial version of wstETH on Base, with both teams making a proposal to the DAO to take control and accept ownership of this version. to be officially certified
The DAO approved the proposal on Nov. 2 after 597 million votes were cast in favor and 255 were opposed.
“The availability of wstETH on Base is an important step in the journey to expand wstETH adoption,” said LidoDAO contributor Marin Tvrdić. “Expanding the network of compatible L2 protocols bridges the gap between capacity limitations. in scaling and increasing demand for decentralized staking to benefit the broader Ethereum ecosystem.”
refer : cointelegraph.com
picture blog.lido.fi
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