Establishing Lido's First Canonical Connection
Outside the Ethereum L2 Ecosystem
NEW
YORK, Aug. 12, 2024 /PRNewswire/ -- Lido, the
leading liquid staking provider, has completed an on-chain vote to
approve a joint solution that integrates both Axelar and Wormhole
as the canonical bridge for wrapped staked ETH
(wstETH) on BNB Chain. This canonical bridge will unlock over
$23 billion in stETH Total Value
Locked (TVL) for connectivity to BNB Chain, one of the top five
blockchains by TVL and one of the most prolific DeFi
ecosystems.
Initiated by Lido community demand, this cross-chain connection
will unlock new liquidity and bolster builders across ecosystems
once the connection is live. Following a rigorous DAO process that
started with a proposal last November, the Lido DAO passed a vote
on Aug. 9 to implement this
integration. After testing and user interface updates, Lido's BNB
connection will exist as a public good, with contracts owned and
controlled by the Lido DAO.
This expansion milestone marks Lido's first secure connection to
a Layer-1 blockchain outside the Ethereum ecosystem,
as previous connections were exclusive to Ethereum
rollups. Lido's solution features a groundbreaking integration of
two leading Web3 interoperability networks, Axelar and Wormhole.
Typically known as competitors, developer teams helping to build
Axelar and Wormhole have collaborated on a joint solution
originating from Lido DAO suggestions. The resulting canonical
bridge avoids vendor lock-in and provides robust security for
wstETH by combining the strength of two messaging and verification
systems.
"We're fast approaching a world in which innovations in one
blockchain ecosystem are open to developers in any other ecosystem,
as building blocks for a better internet and global financial
system," said Georgios Vlachos,
director at Axelar Foundation and co-founder of Axelar
Protocol. "Bringing liquid staked ETH to BNB Chain
accelerates that future. I'm proud to see it happening through
collaboration by two interoperability leaders, led by Lido DAO's
decentralized and open governance process."
"This integration marks an industry-first collaboration on a
joint cross-chain connection between Wormhole and Axelar, starting
with one of the most systemically important assets in
crypto in wstETH," said Dan
Reecer, co-founder of Wormhole Foundation. "It's
incredible to see this solution come to life after being conceived
in the Lido forum, highlighting the power of community-driven
innovation and the commitment to properly following onchain
governance processes in an ethical and thoughtful manner."
About Lido
Lido is a multi-chain staking solution that provides a simple
and secure way to earn interest on your digital assets. With a
mission to democratise staking, Lido lets users stake their digital
assets without the need to lock them or maintain hardware. Lido
empowers users to put their staked assets to use, offering rich
integration with decentralized applications across
multiple blockchain ecosystems, including Ethereum,
Solana, Kusama, Polkadot and Polygon.
More about Lido: Lido.fi
About Axelar
Axelar is the Web3 interoperability platform, delivering the
shortest path to scale: an open stack to connect all blockchains.
Adopters include Uniswap, Microsoft and dozens of natively
multichain startups, building applications to reach all blockchain
users at once – 10X as many active users as the leading Web3
application environment. Axelar supports smart contracts on a
cross-chain layer that is open, scalable and secure. Backers
include Binance, Coinbase, Dragonfly,
Galaxy and Polychain. Learn more: axelar.network.
About Axelar Foundation
Axelar Foundation is a nonprofit established to support the
growth and adoption of the Axelar network, a
decentralized interoperability network that connects
multiple blockchain ecosystems. Learn more
at axelar.foundation.
About Wormhole Foundation
The Wormhole Foundation is the steward of Wormhole—the leading
blockchain interoperability platform. Our mission is to empower
passionate people in researching and developing blockchain
interoperability technologies. Through grants, research, and
ecosystem programs, we seek to enable teams to build secure,
open-source, and decentralized products within the
Wormhole ecosystem.
Media Contacts
Axelar
Karla Vilhelem
karla@marketwaves.co
PR Director, MarketWaves
Wormhole
wormhole@mgroupsc.com
Lido
Imogen Searra
Account Manager
imogen@yapglobal.com
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content:https://www.prnewswire.com/news-releases/lido-dao-approves-canonical-bridge-to-bnb-via-wormhole--axelar-unlocking-tens-of-billions-in-cross-chain-value-302220092.html
SOURCE Axelar Foundation, Lido and Wormhole Foundation