Liquid staking protocol, Lido Finance announced its expansion to Layer-2 with stETH, which will allow Ethereum stakers to enjoy lower gas fees as well as amplified yields.
In the latest announcement, the firm stated that the move follows the increasing demands of Ethereum scaling solutions. Also, it is committed to offer Lido’s staked-asset tokens across the Ethereum Layer-2 network.
However, Lido Finance is entering into this realm with two notorious layer-2 networks Arbitrum and Optimism. Also, it will announce some new integration over the coming weeks.
Lido Finance has already integrated its bridged staking service with the digital wallet service provider Argent to launch wstETH on zkSync networks as well as Aztec protocol.
The blog states, “Now at last we are able to announce that we are working on the next collection of integrations and partnerships that will be unveiled in the coming weeks. Stay tuned.”
The firm believes that its expansion on the Ethereum Layer-2 solution will enhance accessibility for Ethereum staking.
After the boom in the transactions on Ethereum, the need for scalable solutions became extreme. Layer-2 solutions enable users on the Ethereum network to make transactions with lesser gas fees.
Also Read : All About Ethereum Staking
In the initial period, Lido will provide support for only wstETH bridging and staking on Layer-2 networks. wstETH is the wrapped, non-rebasing version of Lido’s stETH. Anyone who holds stETH can wrap their tokens into wstETH.
It will enable layer-2 users to stake their ETH on its network without bridging assets back to Ethereum Network.
Apart from this, Lido Finance also unveiled a weekly educational series to drive awareness and understanding of the L2 ecosystem entitled “L2sDays”.
