Enhancing User Access to wstETH through BNB Chain

BNB Chain Users Can Now Utilize Lido’s wstETH

If you’re a user of the BNB chain, you’ll be pleased to know that you can now make use of Lido’s wrapped staked Ether (wstETH) across the network’s decentralized finance (DeFi) protocols. This has been made possible through a LayerZero integration.

Liquid Staking and Lido Protocol

Liquid staking has become increasingly popular, and the Lido protocol is leading the way with the highest Total Value Locked (TVL). The platform offers staked Ether (stETH) to users who stake their Ethereum (ETH) tokens through Lido. This allows users to enjoy the benefits of staking without being locked in for a specific period.

Lido Brings wstETH to BNB Chain

In an exciting development, LayerZero, a bridging infrastructure protocol, has enabled compatibility for the wrapped version of staked Ethereum (wstETH) on the BNB chain. This means that the BNB community can now use this token on DeFi protocols native to the BNB chain.

Integration into DeFi Projects

DeFi projects on the BNB chain also have the option to integrate wstETH into their services. The BNB chain core team expressed their enthusiasm for this integration, stating that it brings greater accessibility, decentralization, and a streamlined DeFi experience to their users.

BNB chain active daily addresses — BNB chain daily active addresses. Source: YCHARTS

Previous Setback for BNB Chain Users

While the integration of Lido’s wstETH tokens is great news for BNB chain users, they did face a setback in August. The non-fungible token (NFT) marketplace OpenSea ended support for NFT transactions on the BNB chain, citing that the cost to continue supporting it outweighed the impact.

Hot Take: Expanding Opportunities in DeFi with Lido’s wstETH on BNB Chain

The integration of Lido’s wrapped staked Ether (wstETH) onto the BNB chain opens up new opportunities for BNB users in the DeFi space. With this compatibility, users can now access DeFi protocols and enjoy the benefits of liquid staking without being tied to a specific chain. It also brings greater decentralization and accessibility to the BNB ecosystem. While setbacks like OpenSea’s withdrawal of support may occur, the overall trend is positive for expanding DeFi options on the BNB chain.