The Lido community has voted to approve the introduction of stETH to the BNB Chain

2024-08-12 21:24:43

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ChainCatcher news, according to Cointelegraph, Lido DAO has voted to approve the introduction of stETH to the BNB Chain, and will adopt a solution in collaboration with Axelar and Wormhole to achieve this goal.

Lido explains that bridging Lido Staked ETH (stETH) to the BNB Chain is an important milestone, marking Lido's first connection to a Layer 1 blockchain protocol outside the Ethereum ecosystem.

Lido's market share in Ethereum staking fell below 30% at the beginning of 2024, after which it reached 1 million validators in April 2024. Additionally, DefiLlama data shows that the current total locked value (TVL) of the entire DeFi ecosystem is approximately $83.4 billion, with Lido's liquid staking accounting for $25.94 billion of the market TVL.

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Lido Liquidity Pledge Solution

BNB Chain Layer1 blockchain