Liquid staking service Lido Finance will launch a “wrapped” stETH token (wstETH) on the Cosmos blockchain, supported by the Neutron cross-chain platform and the Axelar interoperability protocol.
It’s happening 🌌 The universe is expanding …
Bringing wstETH to Cosmos finally LIVE 🪐
To try this out, visit https://t.co/bB8b5j6eZ7 pic.twitter.com/cdVFSkmiye
— Lido (@LidoFinancie) September 14, 2023
Once wstETH is deployed to Cosmos and cross-chain governance is established, partners will transfer full control of the asset to the decentralized autonomous organization Lido.
“Cross-chain expansion of the largest liquid staking token is provided by AXL and improved through full compatibility,” said Axelar co-founder Sergey Gorbunov.
More than 30 Cosmos teams have expressed interest in integrating wstETH. In addition, Neutron and Axelar have each committed 1% of their portfolio in tokens to support the liquidity of the new “wrapped” coin.
According to the Dune dashboard, Lido accounts for about 32% of the Ethereum staking market share. In total, there are 832,222 validators active on the platform.
According to DeFi Llama, the total value of assets locked in the protocol is $14.1 billion.
Earlier, Glassnode analysts reported that after the activation of the Shanghai update in the network of the second largest cryptocurrency by capitalization, the influx of coins into liquid staking protocols led by Lido Finance increased.
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