LidoDAO has successfully deployed its Wrapped Staked Ether (wstETH) token on Coinbase’s Base network, as approved by its governing body. This allows users to trade and utilize wstETH in decentralized finance applications on the Base network. Lido is a liquid staking protocol that enables users to stake cryptocurrencies while simultaneously using them in DeFi. The derivative token for Ethereum’s native coin, Ether (ETH), is called “Lido taked Ether (stETH),” which can be wrapped to create wstETH when sent to other networks. An unofficial version of wstETH was previously deployed on Base by the Beefy Finance team, and LidoDAO has now taken control and endorsed it officially. This deployment marks a significant milestone in expanding wstETH adoption and bridging the scalability limitations in decentralized staking. However, not all versions of wstETH have been accepted as official, with LayerZero’s version for Avalanche, BNB Chain, and Scroll still under debate.
