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
[email protected]
PR Director, MarketWaves
Wormhole
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Lido
Imogen Searra
Account Manager
[email protected]
SOURCE Axelar Foundation, Lido and Wormhole Foundation
