LidoDAO launches official version of wstETH on Base
LidoDAO took control of the deployment for a wrapped version of its flagship token, stETH, on Base. Lido’s governing body has approved the deployment of Lido’s Wrapped Staked Ether (wstETH) to Coinbase’s Base network, according to a Nov. 8 announcement. The token is now live and can be traded or used in decentralized finance (DeFi) applications on the Base network. Lido is on @BuildOnBase You can now bridge your staked ETH to Base. https://t.co/JmmFeVwNnN pic.twitter.com/R9vN2XGs2g — Lido (@LidoFinance) November 8, 2023 Lido is a liquid staking protocol that allows users to stake some cryptocurrencies while simultaneously using them in DeFi applications. It does this by issuing a derivative token that can be redeemed for the underlying staked one. In the case of Ethereum’s native coin, Ether (ETH), the derivative token is called “Lido taked Ether (stETH),” which exists on the Ethereum network. When it is sent to other networks through a bridge, it has to first be wrapped, crea...