LayerZero, a blockchain interoperability firm, proposed that Lido DAO integrate its wrapped stETH (wstETH) token to its Omichain Fungible Token (OFT)
LayerZero has proposed the bridging of Lido DAO’s wstETH token across four networks. The proposal will be put to vote and Lido DAO needs to officially approve LayerZero’s plan. The move will integrate wstETH into LayerZero Lab’s OFT standard, boosting the token’s interoperability across Ethereum, Avalanche, BNB and Scroll. standard. If the firm’s proposal is accepted, wstETH would be easily bridged across four networks: Ethereum, Avalanche, BNB and Scroll.
The boost in cross-chain interoperability makes the token more accessible and is likely to drive its demand in the community. Find more about the proposal here. LayerZero’s proposal is yet to be put to vote and Avalanche, BNB and Scroll have expressed their support for wstETH to be integrated into the OFT standard. Interestingly, Lido’s community members have raised concerns about the mint-and-burn standard and highlighted the risk of exploit, among other issues.
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