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DeFi

Lido To Expand To Optimism And Arbitrum As First Step Of Its Layer-2 Plan

August 16, 2022 - Around 2 mins mins to read
After announcing the development roadmap on Layer-2 solutions in mid-July, Lido recently updated the blueprint for this step.
Lido To Expand To Optimism And Arbitrum As First Step Of Its Layer-2 Plan
Lido To Expand To Optimism And Arbitrum As First Step Of Its Layer-2 Plan 3

Last month, Lido Finance first posted its intention to deploy products on Layer-2 solutions, allowing users to stake stETH at an optimal cost directly. Recently, details about this plan were announced by Lido on the platform’s Twitter.

Accordingly, the implementation steps of the plan include: establishing a token bridge with Layer-2 solutions, firstly Arbitrum and Optimism; putting infrastructures that can be upgraded in the future to support ETH staking on L2; running administrative contracts so that Layer-2 will also have the same voting features as Mainnet L1.

During the token bridging phase, because of the complex nature of stETH (a form of token rebase – with balances that change over time), Lido will start with wstETH (the wrapped token version of stETH).

Lido To Expand To Optimism And Arbitrum As First Step Of Its Layer-2 Plan
Lido To Expand To Optimism And Arbitrum As First Step Of Its Layer-2 Plan 4

The team also shared that the bridges to Arbitrum and Optimism have been set up but are set to “Pause” mode – suspended, disabled. After taking a snapshot and voting, this step will be officially implemented.

With Layer-2 solutions, especially Roll-ups, witnessing many strong developments, the presence of Lido on these platforms will help the Layer-2 ecosystem to be more vibrant next time.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

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Harold

CoinCu News

Arbitrum

Layer-2 solution

Lido

optimism

stETH

wstETH

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
DeFi

Lido To Expand To Optimism And Arbitrum As First Step Of Its Layer-2 Plan

After announcing the development roadmap on Layer-2 solutions in mid-July, Lido recently updated the blueprint for this step.
Lido To Expand To Optimism And Arbitrum As First Step Of Its Layer-2 Plan
Lido To Expand To Optimism And Arbitrum As First Step Of Its Layer-2 Plan 7

Last month, Lido Finance first posted its intention to deploy products on Layer-2 solutions, allowing users to stake stETH at an optimal cost directly. Recently, details about this plan were announced by Lido on the platform’s Twitter.

Accordingly, the implementation steps of the plan include: establishing a token bridge with Layer-2 solutions, firstly Arbitrum and Optimism; putting infrastructures that can be upgraded in the future to support ETH staking on L2; running administrative contracts so that Layer-2 will also have the same voting features as Mainnet L1.

During the token bridging phase, because of the complex nature of stETH (a form of token rebase – with balances that change over time), Lido will start with wstETH (the wrapped token version of stETH).

Lido To Expand To Optimism And Arbitrum As First Step Of Its Layer-2 Plan
Lido To Expand To Optimism And Arbitrum As First Step Of Its Layer-2 Plan 8

The team also shared that the bridges to Arbitrum and Optimism have been set up but are set to “Pause” mode – suspended, disabled. After taking a snapshot and voting, this step will be officially implemented.

With Layer-2 solutions, especially Roll-ups, witnessing many strong developments, the presence of Lido on these platforms will help the Layer-2 ecosystem to be more vibrant next time.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Harold

CoinCu News

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