Liquid staking protocol Lido announced that its stETH is now available on OP Mainnet, enabling users to benefit from direct daily staking reward rebases and enhanced bridging experience to access new multichain benefits for stETH.
Optimism’s OP Mainnet is an EVM-compatible Layer 2 network designed for high execution speed, low transaction fees, and the security of the Ethereum network, aimed at scaling Ethereum. On OP Mainnet, users can access various unique decentralized finance (DeFi) integrations to utilize their stETH effectively.
The integration of rebaseable stETH within a multichain ecosystem unlocks several use cases. These include accurately processing staking and withdrawal requests from Layer 2 networks while accounting for stETH rebases that occur during bridging. Users can also make gas payments in stETH based on ETH amounts on rollups that support token gas payments and facilitate cross-domain stETH deposits and withdrawals between Layer 1 and Layer 2 for centralized exchanges, custodians, and service providers. This allows for fee charges with each rebase while maintaining an updated balance for users.
According to the announcement, users do not need to unwrap their wstETH to stETH to take advantage of the benefits associated with Lido’s staked ETH on Optimism. Both stETH and wstETH holders will continue to earn ETH staking rewards while benefiting from faster execution speeds and lower fees.
Lido Plans to Deploy stETH Across More Layer 2 Networks
Lido’s stETH is a rebasable utility token that represents the holder’s share of ETH staked through Lido. Unlike wrapped stETH (wstETH), stETH provides direct ETH staking rewards through a daily supply rebase, resulting in an increase in the amount of stETH held as staking rewards accumulate.
Its wstETH token has been successfully integrated into several multichain ecosystems, including Arbitrum, OP Mainnet, Base, Scroll, ZKSync, Linea, BNB, and more. The implementation of wstETH simplifies DeFi integrations by offering a straightforward value-accruing token instead of relying on the daily rebasing associated with stETH.
The launch of stETH on OP Mainnet marks Lido’s first deployment of its rebasable stETH on a Layer 2 network, allowing users to access direct, daily staking rewards within this environment. Looking ahead, there are plans for stETH to be deployed across additional Layer 2 solutions, further enhancing its utility and relevance in the evolving DeFi landscape.
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