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Lido will launch “wrapped” stETH on the Cosmos network

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.

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 enhanced by 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 dashboard Dune, Lido accounts for about 32% of the Ethereum staking market share. In total, there are 832,222 validators active on the platform.

Market shares of various Ethereum staking platforms. Data: Dune.

According to DeFi Llamathe 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.


Source: Cryptocurrency

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