Lido’s governing body has approved the deployment of Lido’s Wrapped Staked Ether (wstETH) to Coinbase’s 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.

Lido is on @BuildOnBase

You can now bridge your staked ETH to Base. https://t.co/JmmFeVwNnN pic.twitter.com/R9vN2XGs2g

— Lido (@LidoFinance) November 8, 2023

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. 

In the case of Ethereum’s native coin, Ether (ETH), the derivative token is called “Lido staked Ether (stETH),” 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 “Wrapped Staked Ether (wstETH).” Before Nov. 8, no official version of wstETH existed on the Base network. 

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.

Related: Lido will ‘wind down’ support for Solana stSOL token

The DAO approved the proposal on Nov. 2 after 597 mill

Go to Source to See Full Article
Author: Tom Blackstone

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details