Users of the BNB chain can now use Lido’s wrapped stake Ether (wstETH) over the network’s decentralized finance (DeFi) protocols via a LayerZero integration.
Liquid staking has gained prominence and the Lido protocol boasts the highest Total Value Locked (TVL). The platform offers staked Ether (stETH) for users who stake their Ethereum (ETH) tokens through Lido, allowing users to experience the benefits of staking without a lock-in period.
However, the stETH tokens are not compatible with all chains.
Lido brings wstETH to BNB Chain
According to a press release shared with BeInCrypto, the bridging infrastructure protocol LayerZero will enable the compatibility of the packaged version of the deployed Ethereum – wstETH on the BNB chain. Therefore, the community can use the token on the DeFi protocols native to the BNB chain.
The screenshot below shows that the BNB chain had well over a million daily active addresses as of October 24.
Read more: The Ultimate Guide to Lido Staked ETH (stETH)
BNB chain daily active addresses. Source: YCHARTS
Furthermore, DeFi projects on the BNB chain also have the option to integrate wstETH into their services. Commenting on this development, BNB’s core chain team said:
“We are pleased to welcome Lido, one of the industry’s most popular protocols, to the BNB Chain ecosystem via LayerZero’s bridging infrastructure. By introducing native wstETH into BNB, we are offering our users greater accessibility, decentralization, and a streamlined DeFi experience.”
Although the BNB chain welcomes Lido’s wstETH tokens, users suffered a setback in August. On August 19, BeInCrypto reported that non-fungible token (NFT) marketplace OpenSea was ending support for NFT transactions on the BNB chain. It quoted:
“As our space evolves, we must align resources with the most promising efforts. We have decided what the costs will be to continue supporting [BNB chain] outweighs the impact.”
Read more: 11 Best DeFi Platforms to Earn with Lido’s Staked ETH (stETH)