Cross-Chain Transfers of wstETH to BNB Chain Enabled by NTT Integration at Lido DAO 🔗

Lido DAO Enhances Cross-Chain Interoperability with NTT Standard

The Lido DAO has recently integrated the Native Token Transfers (NTT) standard to facilitate the transfer of wrapped staked ETH (wstETH) to the BNB Chain. This move represents a significant advancement in cross-chain functionality, leveraging the interoperability infrastructure provided by Wormhole and Axelar. By adopting the NTT standard, Lido DAO aims to improve governance control and transparency while supporting cross-chain governance actions across different networks.

Wormhole’s Innovative Token Transfer Solution

Wormhole has developed a multi-bridge solution that enhances the security, decentralization, and operational efficiency of token transfers. This approach ensures that the Lido DAO can maintain governance control over wstETH tokens, prioritizing safety and transparency.

Understanding the Process

Lock and Mint: Users transferring wstETH from Ethereum to BNB have their tokens locked by the BridgeManager contract. A message is then sent to mint equivalent tokens on BNB via the Endpoint contracts managed by Wormhole and Axelar.
Verification and Relay: Wormhole’s Guardians and Axelar’s validators verify these messages and relay attestations to their respective Endpoints on BNB. The BridgeManager aggregates these messages to ensure all conditions are met before minting wstETH on BNB.
Burn and Unlock: The process for transferring wstETH from BNB back to Ethereum involves burning the tokens on BNB and unlocking them on the Ethereum network to ensure a secure transition.

NTT Framework for Neutral and Flexible Token Transfers

The Native Token Transfers (NTT) standard introduces a neutral, flexible, and open framework for transferring native tokens across different blockchains while preserving their intrinsic properties. By integrating a token with NTT, projects can develop cross-chain protocols that support protocol evolution over time. This framework allows projects to retain control over their tokens’ behavior on each chain, including customizability, metadata, and ownership/upgradeability.

Locking Mode: Preserves the original token supply on a single chain while enabling seamless cross-chain transfers.
Burning Mode: Creates natively multichain tokens with supply distributed among multiple chains.

Empowering Projects with NTT

Leading industry projects like Lido, JitoSOL, ether.fi, Puffer Finance, Stakewise, and Wormhole’s W token are leveraging NTT to create natively multichain tokens. Developers and projects interested in exploring the NTT framework can visit the Github repository or contact Wormhole for more information.

Explore NTT Further

For in-depth insights into NTT, watch a 15-minute workshop conducted by Wormhole Foundation’s Product Lead, Nikhil Suri.

About Wormhole

As a prominent interoperability platform, Wormhole enables multichain applications and bridges at scale. With access to over 30 blockchain networks, Wormhole supports various applications spanning DeFi, NFTs, and governance. Trusted by teams like Circle and Uniswap, Wormhole has facilitated over $40 billion in transfers through 1 billion cross-chain messages.

Keep up with Wormhole on Twitter, Discord, or read their blog for more updates and insights.

Hot Take: Embrace Cross-Chain Interoperability with NTT!

Dear crypto reader, by adopting the NTT standard, projects like Lido DAO are paving the way for seamless cross-chain transfers and improved governance control. Enhance your project’s interoperability and scalability by exploring the NTT framework and leveraging Wormhole’s innovative solutions.