{"id":24780,"date":"2023-11-08T23:36:02","date_gmt":"2023-11-08T23:36:02","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/lidodao-launches-official-version-of-wsteth-on-base\/"},"modified":"2023-11-08T23:36:05","modified_gmt":"2023-11-08T23:36:05","slug":"lidodao-launches-official-version-of-wsteth-on-base","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/lidodao-launches-official-version-of-wsteth-on-base\/","title":{"rendered":"LidoDAO launches official version of wstETH on Base"},"content":{"rendered":"

<\/p>\n

\n

Lido\u2019s governing body has approved the deployment of Lido\u2019s Wrapped Staked Ether (wstETH) to Coinbase\u2019s Base network, according to a Nov. 8 announcement. The token is now live and can be traded or used in decentralized finance (DeFi) applications on the Base network.<\/p>\n

\n

Lido is on @BuildOnBase<\/a> <\/p>\n

You can now bridge your staked ETH to Base. https:\/\/t.co\/JmmFeVwNnN pic.twitter.com\/R9vN2XGs2g<\/a><\/p>\n

\u2014 Lido (@LidoFinance) November 8, 2023<\/a><\/p><\/blockquote>\n

Lido is a liquid staking protocol that allows users to stake some cryptocurrencies while simultaneously using them in DeFi applications. It does this by issuing a derivative token that can be redeemed for the underlying staked one.\u00a0<\/p>\n

In the case of Ethereum\u2019s native coin, Ether (ETH), the derivative token is called \u201cLido staked Ether (stETH),\u201d which exists on the Ethereum network. When it is sent to other networks through a bridge, it has to first be wrapped, creating a double derivative token called \u201cWrapped Staked Ether (wstETH).\u201d Before Nov. 8, no official version of wstETH existed on the Base network.\u00a0<\/p>\n

On Oct. 17, Kyberswap announced that the Beefy Finance team had deployed an unofficial version of wstETH on Base. The two teams offered a proposal for the decentralized autonomous organization (DAO) to take control and accept ownership of this version, so as to officially endorse it.<\/p>\n

Related: <\/strong>Lido will \u2018wind down\u2019 support for Solana stSOL token<\/strong><\/em><\/p>\n

The DAO approved the proposal on Nov. 2 after 597 million votes were cast in favor of it and 255 were cast against it.<\/p>\n

\u201cThe availability of wstETH on Base marks a major milestone in the journey to scaling wstETH adoption,\u201d LidoDAO contributor Marin Tvrdi\u0107 stated. \u201cExpanding the protocol\u2019s network of compatible L2s bridges the gap between scalability limitations and the growing demand for decentralized staking to benefit the broader Ethereum ecosystem.\u201d<\/p>\n

Although this particular deployment received support from LidoDAO members, not all versions of wstETH have been accepted as official. LayerZero launched a version of wstETH for Avalanche, BNB Chain and Scroll that drew criticism from multiple protocols for allegedly being \u201cproprietary.\u201d That version is still being debated by the DAO, and no vote has yet been taken on it.<\/p>\n<\/div>\n