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 taked 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 DAO to take control and accept ownership of this version, so…
