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9 Protocols Accuse LayerZero's wstETH Token of Being 'Proprietary'

9 Protocols Accuse LayerZero’s wstETH Token of Being ‘Proprietary’

Nine protocols in the Ethereum ecosystem, including Connext, Chainsafe, Sygma, LiFi, Socket, Hashi, Across, Celer, and Router, have jointly criticized a new token from cross-chain protocol LayerZero. They claim that the token’s standard is a “vendor-locked proprietary standard” that limits the freedom of token issuers. The protocols advocate for the use of the xERC-20 token standard instead. LayerZero recently launched a bridged version of Lido Staked Ether (stETH) called Wrapped Staked Ether (wstETH) on BNB Chain, Avalanche, and Scroll without the approval of Lido’s decentralized autonomous organization (DAO). This has led to concerns about systemic risks and potential security issues. LayerZero has defended the security and decentralization of its token’s protocol.

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