Liquid trading protocol Lido has announced that stETH is now available on the OP Mainnet, allowing users to take advantage of a rebasing of the live daily trading reward and an improved bridge experience to access new multi-chain benefits of stETH.
Optimism’s OP Mainnet is an EVM-compatible layer 2 network designed to achieve high execution speed, low transaction fees, and security on the Ethereum network, with the goal of scaling Ethereum. On the OP Mainnet, users have access to a variety of unique DeFi integrations to effectively use stETH.
The integration of rebasable stETH into a multi-chain ecosystem enables a variety of use cases. These include accurately handling staking and withdrawal requests from layer 2 networks while taking into account stETH rebasings that occur during staking. Users can also make gas payments in stETH based on ETH amounts on stakings that support token gas payments and facilitate stETH deposits and withdrawals across the spectrum between layer 1 and layer 2 for centralized exchanges, custodians, and service providers. This allows fees to be charged with each rebasing while keeping users’ balances up to date.
According to the announcement, users do not need to decrypt their wstETH to stETH to take advantage of the benefits associated with ETH staked by Lido on Optimism. Both stETH and wstETH holders will continue to earn rewards for ETH staking while benefiting from faster execution speeds and lower fees.
Lido plans to deploy stETH across more layer 2 networks
Lido's stETH is a restaking utility token that represents its holder's stake of ETH staked through Lido. Unlike wrapped stETH (wstETH), stETH provides ETH staking rewards directly through daily supply re-staking, which results in an increase in the amount of stETH held as staking rewards accumulate.
The wstETH token has been successfully integrated into multiple multi-chain ecosystems, including Arbitrum, OP Mainnet, Base, Scroll, ZKSync, Linea, BNB, and more. The implementation of wstETH simplifies DeFi integrations by offering a simple token that accumulates value rather than relying on daily rebases tied to stETH.
The launch of stETH on OP Mainnet marks Lido’s first deployment of resellable stETH on a layer 2 network, allowing users to access live daily staking rewards within this environment. Looking ahead, there are plans to deploy stETH across additional layer 2 solutions, further enhancing its utility and relevance in the evolving DeFi landscape.
The post Lido Launches stETH With Rebases On OP Mainnet was first published on Metaverse Post.
