Lido Finance votes in the BNB chain for the integration of Steth

• Lido Finance integrates Steth into the BNB chain and thus marks its first cross-chain step.
• The integration uses Axelar and Wormhole to bridge $ 23 billion from TVL to BNB.
• lido remains a leading defi protocol with $ 25.94 billion TVL and one million validers.

In a pioneering decision, the Lido Finance community voted to integrate your Steth (Staked Ethereum) into the BNB chain. This step was on August 9th by a On-chain-vote Decentralized autonomous organization (DAO) Lido is the first time that Lido has established a connection to a layer 1 blockchain outside the Ethereum ecosystem.

The approved integration will use Axelar and Wormhole as canonical solutions to connect Steth to the BNB chain.

lido wants to expand its benefits within Defi

This significant development enables the Total Value Locked (TVL) to interact with one of the five largest TVL chains and thus expand its reach and benefit in the decentralized financial sector (Defi).

lido finance remains a dominant player on the Ethereum-Staking market and holds a considerable share of 28.2% of the Netto-Eth inserts.

Despite a slight decline at the beginning of the year, Lido's position as a leading staking platform is strengthened by its extensive validator network, which reached one million in April 2024. This growth underlines the important role of the platform in the defi ecosystem and its influence on staking services.

The defi landscape has experienced significant contributions from liquid staking protocols such as Lido. In contrast to traditional staking, in which funds are blocked for a defined period of time, users can achieve earnings in liquid staking and at the same time retain flexibility to postpone or act their assets.

For Lido, this process includes the deposit from ETH to maintain Steth, a token that collects interest and can be redeemed in a ratio of approximately 1: 1 to the underlying asset.

according to defillama data lidos liquid-staking protocol has a remarkable $ 26.227 billion of the total of 83.782 billion in the defi ecosystem and fixed so that its position as the largest defi protocol. This integration into the BNB chain is likely to further increase Lido's influence and surgical scope in the DEFI area.