Axelar

Wormhole

DeFi

FLOKI

In a decisive community vote on August 9, Lido chose to integrate its Staked ETH (stETH) with the BNB Chain. This strategic decision involves Axelar and Wormhole as the canonical solutions for bridging. It marks Lido’s first venture outside the Ethereum ecosystem into another Layer-1 blockchain protocol. 
The integration is set to increase the accessibility of stETH, linking it with one of the leading blockchain networks. The BNB Chain boasts a substantial total value locked (TVL) of approximately $23 billion. This collaboration opens new liquidity avenues for both ecosystems, promising enhanced user interaction. 
<div class="wp-block-image"> 
 <figure class="aligncenter">
 <img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcb0rWOzY2xih0KZ9kc-1v0NniV5Pyc4nHSG7y5hxWGoHvKgtOAR6EnXxBsLf9FX7x4VEEuKS3VKoSZTUUsXvEeMpQJodJmOYHEmN4Jocp_0TjVM0Mq1hv5lljbGSJaiKKq8sLBYO0AwvpV_5DULuCuxBJO?key=25rI00_XDX35u5oZKytghg" alt="Lido Dao Voted to adopt NTT open token standards">
 <figcaption class="wp-element-caption">
 <a href="https://x.com/danreecer_/status/1821955908743913517" target="_blank" rel="noreferrer noopener nofollow">Source&nbsp;</a>
 </figcaption>
 </figure>
</div> 
Despite a slight decline in market share earlier this year, Lido maintains a strong presence with 28.2% of the staked Ether market. This figure underscores its dominance, especially notable as the platform recently celebrated reaching one million validators. This milestone accentuates Lido’s significant role and trust within the DeFi sector. 
Lido’s integration with the BNB Chain aims to expand its user base and increase asset inflow. The move is expected to enhance the liquidity and flexibility of staking solutions. Investors appreciate Lido’s model for its ability to allow asset mobility while earning staking rewards. 
The Lido DAO will <a href="https://snapshot.org/#/lido-snapshot.eth/proposal/0xcc52cdc83273b42a056cfc632889355595821a2cc9a59ba8adff66b30e9718f9" target="_blank" rel="noreferrer noopener nofollow">maintain</a> significant control over the endpoints of the wstETH token contract, serving as a proxy admin. While the Lido DAO will possess the upgrade authority for the wstETH proxy contract, it will not manage the underlying bridge infrastructure directly.&nbsp; 
However, it retains the capability to append or remove additional bridge verifiers via an on-chain vote, ensuring a flexible and responsive governance model. 
Lido’s liquid staking model offers a considerable advantage by allowing investors to retain asset liquidity. Traditional staking models typically require locking up assets, restricting their tradeability. Lido’s approach provides stETH tokens in return for staked ETH, which accrue interest and remain tradeable. 
This functionality is now extended to the BNB Chain, further enriching Lido’s offering. The integration facilitates greater ease of use and more trading options for users, enhancing Lido’s appeal in the competitive DeFi landscape. 
The recent vote by the Lido community to integrate stETH with the BNB Chain represents a significant stride in decentralized finance. This move not only broadens Lido’s operational horizons but also solidifies its leadership in the market. As Lido continues to innovate and adapt, it remains at the forefront of the DeFi evolution, promising more opportunities for growth and user engagement. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/06/11/floki-launches-floki-name-service-on-bnb-chain-mainnet/" target="_blank" rel="noreferrer noopener">FLOKI Launches Floki Name Service on BNB Chain Mainnet</a> 
</blockquote>

Lido Community Approves stETH Integration with BNB Chain

The Crypto Times

Other articles published on Aug 12, 2024

Zilliqa Monthly Newsletter - July 2024

Worldcoin Introduces Orb Technology for Global Digital Identity Amid Financial Struggles

Ethereum Network's Daily ETH Burn Rate Drops to Its Lowest Level This Year! What Does It Mean? He...

World's Largest Mining Company Marathon Digital Makes $250 Million Additional Bitcoin Move!

Venezuela Blocks Binance and X Amid Election Dispute

Ginnan The Cat Price Prediction: GINNAN Plunges 9% As Investors Flock To This P2E DOGE For 100X G...

Join our free newsletter for daily crypto updates!