Lido DAO has distanced itself from LayerZero’s rollout of a wstETH bridge on Avalanche (AVAX), BNB, and Scroll.

In an Oct. 26 statement, the staking protocol said the bridge was “not canonical and has not been audited or endorsed by the Lido DAO.”

“Please exercise extreme caution if you choose to interact with the bridge,” Lido added.

On Oct. 25, LayerZero announced the successful launch of wstETH as an omnichain fungible token (OFT), allowing users to move their tokens between Ethereum, Avalanche, BNB, and Scroll blockchain networks.

“Expanding wstETH access to these chains will enable their respective DeFi ecosystems to flourish while supporting Lido’s desire for chain expansion,” LayerZero added.

Lido is the largest liquid staking provider, with the total value of staked Ethereum on the protocol lued at more than $15 billion, according to DeFillama data.

Lido community concern

LayerZero’s unilateral action has sparked apprehensions within the Lido community, with some interpreting it as an attempt to pressure the staking protocol into consenting, while others perceive it as an aggressive marketing strategy.

Community contributor Hart Lambur contends that the wstETH Go to Source to See Full Article
Author: Oluwapelumi Adejumo

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