Lido to Bridge stETH to Cosmos Ecosystems, Bringing Millions in Liquidity to DeFi Apps

Lido to bridge its staked Ether (stETH) tokens to the Cosmos network via Neutron and Axelar.
stETH is a popular liquid staking derivative with $13.8B market cap.
Neutron and Axelar committed token incentives to build liquidity for wstETH on Cosmos.
wstETH can be used on Cosmos, Cronos, Sommelier, Osmosis, dYdX after bridging.
Bridging stETH brings millions in liquidity from Ethereum to Cosmos DeFi ecosystems.

coindesk.com

Relevant topic timeline:

8/22/2023

Mantle Stakes $66M of Ether on Lido as Part of Treasury Management Strategy

Layer 2 network Mantle has staked 40,000 ether on staking protocol Lido, generating a yield of 4.1% APR and increasing its treasury value to over $3.2 billion, allowing community members to decide on treasury strategies.

8/25/2023

Lido Set To Complete Final Token Unlock

Leading Liquid Staking Protocol Lido Finance is unlocking nearly all of its 1B LDO tokens, providing an opportunity for token holders while potentially impacting the market.

9/4/2023

Lido Dominance Prompts Warnings About Liquid Staking Derivatives - Decrypt

Lido Finance, the leading liquid staking solution for Ethereum, is causing concern among community members who believe it is undermining the decentralization of the Ethereum ecosystem, with Lido accounting for 32.7% of all staked ETH and potentially amassing undue influence over the network's governance. Critics warn that this centralization could harm Ethereum's reputation and long-term valuation, and Lido is exploring a "dual governance" model to address these concerns.

9/11/2023

Lido Responds to LDO Token Contract Vulnerability, Says User Funds Remain Safe

Ethereum staking protocol Lido Finance has reassured users that their funds remain safe despite a known security flaw in Lido DAO's token contract that enables "fake deposit" attacks on exchanges, according to blockchain security firm SlowMist. Lido Finance argues that this flaw is present in all ERC-20 tokens and is not specific to Lido's LDO token. The company has pledged to update the token integration guides to address the issue.

9/19/2023

Blockchain Protocols Migrate Between Chains as Ethereum Layer 2 Solutions Gain Traction

Canto, a Cosmos-native blockchain, is migrating to Ethereum as a layer 2 zero-knowledge rollup, following Astar's similar move from Polkadot to Ethereum, aiming to tap into Ethereum's deep liquidity while providing increased decentralization and trustless guarantees.

9/20/2023

Cosmos DeFi Protocols Team Up to Solve Liquidity Issues, Integrate Token Bridging and Lending

A group of decentralized finance protocols in the Cosmos ecosystem, including Wormhole, Swing, Tashi, and Evmos, are collaborating to solve liquidity issues by introducing bridged tokens and integrating liquidity pools, allowing users to swap, borrow, and perform various DeFi actions.

9/26/2023

Ethereum Staking Soars to Over $40 Billion Despite Bear Market, But Growth May Slow Due to Decentralization Concerns

The Ethereum staking industry has seen significant growth, with over $40 billion worth of staked assets and $1.6 billion in staking rewards, attracting institutional interest, but there are potential challenges ahead as adoption rates may slow down and concerns about dominance by leading staking provider Lido arise. However, the future of the Ethereum staking industry still appears promising, with increasing momentum and new opportunities for institutional investors and DeFi users.

9/29/2023

Cosmos Touts Interoperability Advantage Over Ethereum, But Faces Liquidity Challenge

Ethereum's layer-2 ecosystem fragments user and liquidity, creating silos, while the Cosmos ecosystem offers natively interoperable chains through its Inter-Blockchain Communication (IBC) protocol, although Cosmos faces low liquidity and compatibility issues with Ethereum.

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Posted 9/14/2023, 1:00:00 PM