Neutron and Axelar have been selected by Lido, the leading liquid staking provider, as the preferred technology bridging partners to launch Lido’s wrapped liquid staked ETH (wstETH) on Cosmos. The collaboration aims to enhance cross-chain interoperability and support the expansion of wstETH and other assets in the Cosmos ecosystem. Neutron and Axelar have each committed 1% of their respective network genesis supply in token incentives to build liquidity for wstETH through DeFi applications within the Inter-Blockchain Communication Protocol (IBC) ecosystem and future expansion to other L1 ecosystems.Axelar is a full-stack interoperability layer for Web3, secured by a proof-of-stake token, AXL. It enables blockchain as a new kind of development platform, integrating diverse networks into a seamless “Internet of blockchains.” Application users access any digital asset or application, with one click. Developers work with a simple API and access an ecosystem of tools and service providers. More information about Axelar can be found at axelar.network.Neutron is the most secure cross-chain smart-contracting platform. It combines the security of a proof-of-stake consensus mechanism with the scalability of a sharded architecture. Neutron is designed to enable the secure transfer of digital assets across multiple blockchains, including the Cosmos Hub, a top 10 blockchain by staked capitalization. It also provides bleeding-edge cross-chain infrastructure to enable DeFi applications to securely scale across a growing network of 51+ interconnected blockchains.Lido Finance is the leading provider of liquid staking solutions and their liquid staking token, staked ETH, currently has a $13.8B market cap. Lido staked ETH is available in two flavors: a rebasing token, stETH, and a wrapped, auto-compounding token, wstETH, which will be used to bridge to Cosmos. The journey of this new token begins with its bridging from the Ethereum ecosystem through Axelar to Neutron, making it available to the entire IBC ecosystem of chains including Cosmos, Cronos, Sommelier and major DeFi protocols such as Osmosis and dYdX.Once wstETH has been deployed on Cosmos and a cross-chain governance implementation has been developed, Axelar and Neutron will hand over ownership, administration, and management of the bridge to Lido DAO. If accepted by governance, the Lido DAO will be able to upgrade the bridge contracts on the Neutron network, for example, to switch or add bridge providers to the solution, providing greater control to the Lido DAO to upgrade the bridge to further security and reflect its long-term vision for stAsset bridging.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | |
| Sentiment | positive |
| Relevance Score | 9 |
| People | Avril Dutheil, Sergey Gorbunov, Vilhelem Karla |
| Companies | Squid, Axelar, Neutron, Lido, Lido DAO |
| Currencies | Cosmos Hub, Wrapped stETH, Axelar, Bitcoin, Ethereum, Lido Staked Ether |
| Securities | None |
