Ethereum

Ethereum 2.0

LayerZero

<h4><strong><a href="https://www.coingecko.com/en/coins/wrapped-steth" target="_blank" rel="noopener">Lido’s wstETH</a> has been merged with the OFT standard and will go live on BNB Chain tomorrow, according to a statement. </strong></h4> 
<p>As a result, users will be able to smoothly transfer their wstETH between Ethereum and Avalanche, <a href="https://www.bnbchain.org/en" target="_blank" rel="noopener">BNB Chain</a>, and Scroll.</p> 
<h5><strong>The Main Insights from LIDO on the BNB Chain</strong></h5> 
<p><span style="font-weight: 400;">This integration will enable LIDO’s n</span><span style="font-weight: 400;">ative token transfer between networks, eliminating wrapped asset risks. So, t</span><span style="font-weight: 400;">his will accelerate growth in the BNB Chain DeFi ecosystem and promote horizontal composability between other networks.</span></p> 
<p><span style="font-weight: 400;"><a href="https://lido.fi/" target="_blank" rel="noopener">Lido</a> is the top DeFi project on Ethereum with approximately $14 Billion in <a href="https://defillama.com/protocol/lido" target="_blank" rel="noopener">TVL</a>. wstETH can now begin to permeate these three networks: BNB Chain, Scroll, and Avalanche. This means that&nbsp;</span><span style="font-weight: 400;">BNB Chain users can now use wstETH in DeFi.</span></p> 
<p><span style="font-weight: 400;">So, BNB Chain protocols will be able to integrate wstETH and tap into one of the largest markets in DeFi.</span></p> 
<h5><strong>More About wstETH and Lido</strong></h5> 
<p>Lido is a decentralized finance (DeFi) protocol that provides a solution for staking Ethereum (ETH) on the Ethereum 2.0 Beacon Chain while maintaining liquidity for staked assets. When Ethereum 2.0 transitioned to a <a href="https://www.altcoinbuzz.io/?s=proof-of-stake" target="_blank" rel="noopener">proof-of-stake (PoS)</a> consensus mechanism, users could now stake their ETH to secure the network and earn rewards.</p> 
<p>However, staked ETH is locked and illiquid, meaning it cannot be easily traded or used in other DeFi applications.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f440.png" alt="👀" class="wp-smiley" style="height: 1em; max-height: 1em;"> stETH CEX volume hits $12m+ for the first time, led by <a href="https://twitter.com/okx?ref_src=twsrc%5Etfw">@okx</a> and <a href="https://twitter.com/Bybit_Official?ref_src=twsrc%5Etfw">@Bybit_Official</a>. <a href="https://t.co/Pk7YpUjvJM">pic.twitter.com/Pk7YpUjvJM</a></p> 
 <p>— Lido (@LidoFinance) <a href="https://twitter.com/LidoFinance/status/1716810008690839675?ref_src=twsrc%5Etfw">October 24, 2023</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>Lido solves this problem by allowing users to stake their ETH through the Lido protocol. In return, they receive stETH, a liquid representation of their <a href="https://www.altcoinbuzz.io/?s=staked+ETH" target="_blank" rel="noopener">staked ETH</a> that can be traded and used in DeFi applications.</p> 
<p>Lido aims to make it easier for users to participate in Ethereum 2.0 staking while maintaining access to the liquidity of their assets.</p> 
<h5><strong>More About LayerZero</strong></h5> 
<p>LayerZero lets users send messages between blockchains using <a href="https://layerzero.gitbook.io/docs/faq/glossary#user-application-ua" target="_blank" rel="noopener">LayerZero’s User Application</a> (UA). With this, any contract that uses LayerZero to transmit and receive messages between blockchains is referred to as a UA.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">LayerZero is live on OpBNB! <a href="https://t.co/FX9Twbs0z0">pic.twitter.com/FX9Twbs0z0</a></p> 
 <p>— LayerZero Labs (@LayerZero_Labs) <a href="https://twitter.com/LayerZero_Labs/status/1712278979263250608?ref_src=twsrc%5Etfw">October 12, 2023</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>It is currently compatible with Ethereum, BNB Chain, Avalanche, Aptos, Polygon, Arbitrum, Optimism, and Fantom, among other cryptocurrencies.</p> 
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<h6><strong>Disclaimer</strong><br> The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</h6> 
<p>The post <a rel="nofollow" href="https://www.altcoinbuzz.io/defi/lido-is-coming-to-bnb-chain/">LIDO is Coming to BNB Chain</a> appeared first on <a rel="nofollow" href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.</p>

LIDO is Coming to BNB Chain

Altcoin Buzz

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