Lido Launches wstETH on Coinbase's Base Network

Big News for Ethereum Stakers

In a bold move, Lido’s governing body has officially deployed Wrapped Staked Ether (wstETH) to Coinbase’s Base network, as per a recent announcement on November 8. Now, this token is up and running, enabling traders and decentralized finance (DeFi) enthusiasts to utilize it across the Base network. So, grab your staked ETH and get ready for a bridge adventure!

What is Lido and wstETH?

For those who might be new to the cryptosphere, Lido is a liquid staking protocol that lets users stake their Ethereum while still enjoying the perks of DeFi applications. This is done by issuing a derivative token for your staked assets. For Ethereum lovers, the staked version of Ether is known as Lido staked Ether (stETH).

But when you want to take your staked ETH across to another network, it must undergo a quick makeover, becoming Wrapped Staked Ether (wstETH). Prior to this latest deployment, there was no official version of wstETH on the Base network, leaving many users in a bit of a pickle.

A New Era Begins on Base

The journey to base came to fruition after Lido’s DAO approved this significant step on November 2, with an overwhelming majority voting in favor. Now, users can easily bridge their staked ETH, opening the doors for increased adoption and creative use in the DeFi space.

The Tale of Two wstETHs

Interestingly, the road to establishing wstETH on Base hasn’t been entirely smooth. A rival version was also being toyed with by Kyberswap and the Beefy Finance team prior to Lido’s official deployment. Their proposal to let the DAO take ownership of this earlier version faced scrutiny, but ultimately set the stage for collaboration.

Meanwhile, don’t forget about the wstETH variation that LayerZero attempted to launch for Avalanche and BNB Chain. Criticism followed for its allegedly proprietary nature—an unofficial soap opera in the world of decentralized finances!

The Bigger Picture

Marin Tvrdić from LidoDAO summed it up perfectly: “The availability of wstETH on Base marks a major milestone in the journey to scaling wstETH adoption.” With this expansion, we’re bridging the gap between scalability challenges and the ever-growing demand for decentralized staking across the Ethereum ecosystem.

So whether you’re a DeFi veteran or a newcomer, now’s the perfect time to dive into the world of wstETH and explore all that Coinbase’s Base network has to offer!