The Lido Finance liquid staking service will launch wrapped token stETH (wstETH) on the Cosmos blockchain with support from cross-chain platform Neutron and Axelar’s interoperability protocol.
.@LidoFinance is the leading liquid-staking provider, with $13B+ in liquid staked $ETH. It’s taken the leading Web3 asset to other chains in the Ethereum ecosystem, bridging it to EVM L2s. Now, stETH is using Axelar to go beyond ?? ? ? ? ? pic.twitter.com/M7DCNMKY0H
— Axelar Network (@axelarcore) September 14, 2023
As soon as wstETH is deployed on Cosmos and cross-chain governance is established, partners will transfer full control of the asset to the decentralized autonomous organization of Lido.
“Cross-chain expansion of the largest liquid staking token is enabled by Axelar and enhanced by full compatibility,” noted Axelar co-founder Sergey Gorbunov.
More than 30 Cosmos teams have expressed interest in integrating wstETH. In addition, Neutron and Axelar allocated 1% of their portfolios in the form of tokens to support liquidity for the new wrapped token.
According to the Dune dashboard, Lido accounts for about 32% of the Ethereum staking market. In total, 832,222 validators are actively on the platform.
According to DeFi Llama, the total value locked in the protocol is $14.1 billion.
Earlier, Glassnode reported that after the activation of the Shanghai upgrade on the Ethereum network there was an uptick in coin inflows into liquid staking protocols led by Lido Finance.