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 use wstETH in decentralized finance applications on the Base network. Lido is a liquid staking protocol that enables users to stake cryptocurrencies while utilizing them in DeFi. The derivative token for Ethereum’s native coin, Ether (ETH), is called stETH, which exists on the Ethereum network. When sent to other networks, it needs to be wrapped, resulting in wstETH. An unofficial version of wstETH was previously deployed on Base by the Beefy Finance team, and LidoDAO has now taken control and endorsed it. This deployment marks a significant milestone in scaling wstETH adoption and expanding the protocol’s network of compatible Layer 2 solutions. However, not all versions of wstETH have been accepted as official, with LayerZero’s version for Avalanche, BNB Chain, and Scroll still under debate.
