Lido's wstETH goes to zkSync

in Ethereum, Layer 2 by Lido

Lido’s staked ETH is now available throughout the zkSync ecosystem.

 

In collaboration with Matter Labs and txSync, Lido DAO contributors are pleased to present the deployment of Lido’s staked ETH on zkSync Era Mainnet.  

 

Lido’s wstETH on zkSync ushers in numerous new opportunities and use-cases within the flourishing DeFi ecosystem whilst further cementing the liquidity and stability of staked ETH.

 

This deployment marks the beginning of an exciting journey across the zkSync ecosystem with numerous integrations and opportunities to be unveiled in the coming weeks. Stay tuned!

 

➡️ To bridge your wstETH to zkSync: portal.txsync.io/bridge

➡️ For tutorials & instructions: help.lido.fi

 

What is zkSync?

Launched in March 2023, zkSync is an EVM-compatible L2 scaling solution for Ethereum built around zk-rollups, a zero-knowledge proof technology. zkSync enhances the scalability of Ethereum by moving most transaction processing off the main chain, thereby reducing congestion and gas fees.

 

With its efficient scaling capabilities, zkSync enables faster and more cost-effective transactions on the Ethereum network, offering an improved user experience for decentralized applications.

 

Bridging to zkSync

Bridging your wstETH to zkSync is simple; follow the steps below to bridge:

  1. Go to portal.txsync.io/bridge.
  2. Connect your wallet.
  3. Choose amount of wstETH to bridge.
  4. Choose your zkSync Era Mainnet address.
  5. Approve and confirm the bridging transaction.

 

 

The bridging process takes approximately 15 minutes after which your wstETH will be available on zkSync. In case of issues or questions, refer to the zkSync bridging guide.

 

What’s Next?

The zkSync wstETH bridge aims to fuel the growth of staked ETH across the zkSync-based DeFi ecosystem, bringing liquidity and reward opportunities to zkSync users. The zkSync ecosystem brings with it significant demand for wstETH and the opportunities it brings to the DeFi protocols, and their users, across the space.

 

zkSync users can expect to find wstETH available as collateral, lending, farming, indexing and much more over the coming weeks.

 

The deployment of Lido’s wstETH to zkSync marks an important step in expanding and unifying the Ethereum ecosystem, bringing the stability and liquidity of staked ETH to L2s.

 

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