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$BNB chain users can now utilize Lido’s wrapped staked Ether (wstETH) across the network’s decentralized finance (DeFi) protocols through a LayerZero integration.
Liquid staking has gained prominence, and the Lido protocol boasts the highest Total Value Locked (TVL). The platform provides staked Ether (stETH) for users who stake their Ethereum ($ETH) tokens through Lido, which helps the users experience the benefits of staking without a lock-in period.
However, the stETH tokens are not compatible with all the 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 wrapped version of the staked Ethereum – wstETH on the $BNB chain. Hence, the community can use the token on the DeFi protocols that are native to the $BNB chain.
The screenshot below shows that the $BNB chain had over a million daily active addresses on Oct. 24.
Read more: The Ultimate Guide to Lido Staked $ETH (stETH)
Furthermore, DeFi projects on the $BNB chain also have the option to integrate wstETH into their services. Commenting on this development, the $BNB chain core team said:
“We’re thrilled 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 bring greater accessibility, decentralization and a streamlined DeFi experience to our users.”
While the $BNB chain welcomes Lido’s wstETH tokens, its users faced a setback in August. On Aug. 19, BeInCrypto reported that the non-fungible token ($NFT) marketplace OpenSea ended support for the $NFT transactions on the $BNB chain. It cited:
“As our space evolves, we need to align resources with the most promising efforts. We’ve decided the cost to continue supporting [$BNB chain] outweighs the impact.”
Read more: 11 Best DeFi Platforms To Earn With Lido’s Staked $ETH (stETH)