Lido will release "wrapped" stETH in the Cosmos ecosystem
Date: 2023-09-15 Author: Karina Ziganova Categories: IN WORLD
The partners will transfer all control of the asset to the decentralized autonomous organization Lido once wstETH is deployed to Cosmos and cross-chain governance is established.
According to Axelar co-founder Sergey Gorbunov, the main cross-chain extension of the largest liquid staking token is provided by AXL and improved through full compatibility.
More than 30 Cosmos teams have expressed a desire to integrate wstETH. To support the liquidity of the freshly minted “wrapped” coin, Neutron and Axelar each allocated 1% of the portfolio in the form of tokens.
According to Dune, Lido accounts for about 32% of the Ethereum staking market. In total, there are 832,222 active validators on the platform.
DeFi Llama estimates the total value of locked assets in the protocol to be $14.1 billion.
Glassnode analysts reported that after the initialization of the Shanghai update, the network of the second largest cryptocurrency by capitalization saw a significant increase in the influx of coins to liquid staking protocols led by Lido Finance.
