A statement from Lido Finance says that the largest Ethereum staking service is now available on Layer-2.
On October 6, the development was announced via a tweet from the team, who stated that they had been working towards “a full L2 roll-out to support the expansion of Ethereum while providing access to unique strategies possible through liquid staking.”
With token bridging to the well-known Ethereum scaling solutions Arbitrum One and Optimism, Lido now permits ETH staking directly on Layer-2.
The development team added that Phase 1 of the roll-out will “direct wstETH bridging to Arbitrum One and Optimism, maintaining the unique properties of stETH in the process.” They selected wstETH due to its simplicity of integration with Lido’s DeFi partners.
A tutorial on how to wrap their stETH and bridge their wstETH to the Layer-2 solutions was also posted by the team. It explains how to connect their tokens to Optimism and Arbitrum One.
From October 8 onward, Lido will also distribute 150,000 LDO tokens as rewards per month for wstETH across each network.
This is done to promote the creation of liquidity, and companies like Velodrome, Beethoven X, Balancer, Curve Finance, and Kyber Network will receive incentives for mining liquidity.
Users will significantly reduce their gas costs by doing this, and they will also be able to stake on the Ethereum network. They now have a new way to increase their sales while safeguarding the network.