Lido Finance’s Historic Integration of stETH into BNB Chain
- Lido Finance ha incorporado stETH a BNB Chain, que es su primera iniciativa entre cadenas.
- La integración utiliza Axelar y Wormhole para unir $23 mil millones de TVL a BNB.
- Lido sigue siendo el protocolo DeFi líder con 25,94 mil millones de dólares en TVL y 1 millón de validadores.
Transition: In a historic decision, the Lido Finance community voted to integrate stETH into the BNB Chain. The move, finalized through an on-chain vote in the Decentralized Autonomous Organization (DAO) of Lido on August 9, marks the first time Lido has connected to a layer 1 blockchain outside the Ethereum ecosystem.
Transition: The approved integrations will utilize Axelar and Wormhole as canonical solutions to bridge stETH to the BNB Chain.
Lido’s Expansion in DeFi Space
Transition: This significant development allows Lido’s Total Value Locked (TVL) to interact with one of the top five TVL chains, expanding its reach and utility in the decentralized finance (DeFi) space.
Transition: Lido Finance continues to dominate the Ethereum staking market, with 28.2% of net ETH deposits.
Transition: Despite a slight dip earlier this year, Lido’s position as a leading staking platform is strengthened by its extensive network of validators, reaching 1 million in April 2024. The important role of staking services and their impact in the staking services.
Contributions of Liquid Staking Protocols like Lido
Transition: Liquid staking protocols like Lido have made significant contributions to the DeFi landscape. Unlike traditional stakings that lock funds for a period, liquid stakings allow users to earn yield while retaining flexibility to move or trade their staked assets.
Transition: For Lido, the process involves depositing ETH to receive stETH, a token that generates interest and can be redeemed at a ratio of approximately 1:1 against the underlying asset.
Transition: According to DefiLlama data, Lido’s liquid staking protocol accounts for $26.227 billion of the total DeFi ecosystem value of $83.782 billion, solidifying its position as the largest DeFi protocol. The integration into BNB Chain is expected to further enhance Lido’s influence and operational reach in the DeFi field.
