Lido On BNB Chain
Lido Contributors are pleased to announce the launch of staked ETH (wstETH) on BNB Chain.
Initiated through an on-chain community vote, this canonical bridge to BNB Chain paves the way for Lido’s staked ETH into the prolific and well developed DeFi ecosystem.
This expansion represents Lido’s first secure integration with a Layer-1 blockchain beyond the Ethereum ecosystem. The canonical bridge solution showcases an innovative collaboration between two prominent Web3 interoperability networks, Axelar and Wormhole. The resulting collaboration has led to the creation of a canonical bridge that will unlock new liquidity and bolster DeFi opportunities across multiple ecosystems.
➡️ To bridge your wstETH to BNB Chain: portalbridge.com
➡️ For tutorials & instructions: https://help.lido.fi/en/articles/9739043-bridging-wsteth-to-bnb-chain
What is BNB Chain?
BNB Chain is a high-performance blockchain platform designed to support decentralized applications (DApps) and decentralized finance (DeFi). It uses a Proof-of-Staked-Authority (PoSA) consensus mechanism, combining elements of both proof-of-stake and authority consensus models, to ensure scalability and security. BSC also enables developers to build user-friendly, scalable applications within its ecosystem. It is part of the broader BNB Chain ecosystem that prioritizes decentralized governance and includes various tools and protocols for developers and validators.
BNB Chain is one of the larger ecosystems in the DeFi space with over $4b in TVL spread across 100’s of prominent protocols.
For an overview of the leading BNB Chain protocols, check out defillama.com/chain/BSC.
Bridging to BNB Chain
The bridging process is straightforward and transfers your staked ETH to BNB Chain within minutes.
Before beginning, ensure you are working with Lido's wrapped staked ETH (wstETH). If you need to wrap your ETH or stETH into wstETH, visit stake.lido.fi/wrap.
- Go to portalbridge.com.
- In the “From” section, choose Ethereum as the network and wstETH as the asset. In the “To” section, select BSC as the network.
- Connect your wallet to both networks.
- Enter the amount you wish to bridge.
- Click “Approve and proceed with transaction” to confirm the bridging. You might be asked to approve wstETH permissions. After approval, click the button again to finalize the process.
That’s it! Your wstETH should be available on BNB Chain within approximately 15 minutes.
FAQ
What is Lido?
Lido is a multi-chain staking solution that provides a simple and secure way to earn interest on your digital assets. With a mission to democratise staking, Lido lets users stake their digital assets without the need to lock them or maintain hardware.
What is BNB Chain?
BNB Chain is a blockchain network designed for high-performance applications and decentralized finance (DeFi). It consists of BNB Beacon Chain (for governance) and BNB Smart Chain (for smart contracts and decentralized apps). BNB Chain offers fast, low-cost transactions, making it a popular choice for developers and users.
What is wstETH?
Lido's wstETH (wrapped stETH) is a non-rebasing version of stETH. Unlike stETH, where your balance increases daily as rewards are distributed, wstETH keeps your balance constant. Instead, staking rewards are reflected in an increase in the value of wstETH over time.
How do I get wstETH?
You can obtain wstETH by wrapping your stETH or ETH on the Lido platform at stake.lido.fi/wrap.
How do I bridge to BNB Chain?
The bridging process to BNB Chain is simple and only takes a few minutes. For a full bridging guide, check out the following article.
Are there any bridging fees?
Yes, you’ll need to cover network fees to pay for gas costs. On Ethereum, these fees are paid in ETH, and on BNB Chain, they are paid in BNB. Additionally, there are relayer fees required for the bridging process.
How long does it take to bridge?
Bridging from Ethereum to BNB Chain usually takes around 15 minutes. Conversely, moving assets from BNB Chain to Ethereum typically takes about 1 minute.