LayerZero introduces an omnichain token to move wstETH Lido across Avalanche,BNB Chain, and Scroll
Interoperability protocol LayerZero has introduced the ability to move wstETH-wrapped stETH tokens from liquid staking protocol Lido finance on ethereum, Avalanche, BNB and scroll.
wstETH has also been integrated into the LayerZero fungible omnichain token standard, or OFT standard, which aims to avoid asset risks in native token transfers across chains.
🟢 EXPANDING wstETH OPPORTUNITIES
LayerZero's cross-chain interoperability on wstETH is expected to expand Defi opportunities beyond ethereum and into Avalanche, bnb and scroll.
ETH is a staple asset in Avalanche's Defi ecosystem and the ability to earn staking yields through stETH Lido and LayerZero's OFT infrastructure helps drive Avalanche's LSD growth. Rich Luigi d'onorio demeo, head of Defi and ava labs development relationships.
Lido maintains the most total value locked (TVL) among liquid staking protocols, according to the data dashboard. On October 25, Lido saw $15.85 billion in value locked in liquid staking.
