LayerZero's interoperability protocol now allows for the transfer of wrapped stETH tokens (wstETH) from Lido Finance's liquid staking protocol across multiple chains, including Ethereum, Avalanche, BNB Chain, and Scroll. The integration of wstETH into LayerZero's omnichain fungible token standard (OFT) aims to mitigate risks associated with wrapped assets in cross-chain native token transfers. OFT uses a decentralized communication protocol to move tokens, rather than minting and burning wrapped tokens. This cross-chain interoperability of wstETH is expected to expand DeFi opportunities beyond Ethereum and into Avalanche, BNB, and Scroll. Lido Finance currently has the highest total value locked (TVL) among liquid staking protocols, with $15.85 billion locked in as of October 25th.
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LayerZero introduces cross-chain interoperability for wstETH, expanding DeFi opportunities beyond Ethereum
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