BNB chain users can now utilize Lido’s wrapped staked Ether (wstETH) across the network’s DeFi protocols through LayerZero integration. Lido’s wstETH tokens will be compatible with the BNB chain, enabling community members to use the token on native DeFi protocols.
Lido Brings wstETH to BNB Chain
Liquid staking has gained prominence, and the Lido protocol boasts the highest Total Value Locked (TVL). The platform provides staked Ether (stETH) for users who stake their Ethereum (ETH) tokens through Lido, which helps the users experience the benefits of staking without a lock-in period. However, the stETH tokens are not compatible with all the chains.
According to a press release shared with BeInCrypto, the bridging infrastructure protocol LayerZero will enable the compatibility of the wrapped version of the staked Ethereum – wstETH on the BNB chain. Hence, the community can use the token on the DeFi protocols that are native to the BNB chain. Furthermore, DeFi projects on the BNB chain also have the option to integrate wstETH into their services. Commenting on this development, the BNB chain core team said:
“We’re thrilled to welcome Lido, one of the industry’s most popular protocols, to the BNB Chain ecosystem via LayerZero’s bridging infrastructure. By introducing native wstETH into BNB, we bring greater accessibility, decentralization and a streamlined DeFi experience to our users.”
While the BNB chain welcomes Lido’s wstETH tokens, its users faced a setback in August. On Aug. 19, BeInCrypto reported that the non-fungible token (NFT) marketplace OpenSea ended support for the NFT transactions on the BNB chain. It cited:
“As our space evolves, we need to align resources with the most promising efforts. We’ve decided the cost to continue supporting [BNB chain] outweighs the impact.”
BSCN is aiming to become the leading media coverage platform around the Binance Smart Chain Ecosystem. With a strong focus towards Content Quality, Decentralized platforms, Hot topics in the market, Informative and education sources and guidance in how to be more aware around unreliable crypto projects.