Lido Chooses Axelar and Neutron for wstETH Launch on Cosmos

Lido's Staking Expansion to Cosmos Draws Enthusiasm from 30+ Teams.

Last updated: September 14, 2023 3:21 PM

Published September 14, 2023 3:21 PM

Last updated: September 14, 2023 3:21 PM

Published September 14, 2023 3:21 PM

Liquid staking protocol Lido is joining forces with Neutron and Axelar to launch its wrapped liquid staked ether (wstETH) token onto the Cosmos blockchain.

.@LidoFinance is the leading liquid-staking provider, with $13B+ in liquid staked $ETH. It's taken the leading Web3 asset to other chains in the Ethereum ecosystem, bridging it to EVM L2s. Now, stETH is using Axelar to go beyond 🧑‍🚀 🚀 💫 🧵 👇 pic.twitter.com/M7DCNMKY0H
— Axelar Network (@axelarnetwork) September 14, 2023

Over 30 teams within the Cosmos network have expressed interest in utilizing Lido’s cryptocurrency. Neutron and Axelar will provide incentives to encourage the adoption of Lido’s cryptocurrency on the Cosmos blockchain.

Once the integration is complete, Axelar and Neutron are anticipated to transfer control of cross-chain deployment to the Lido DAO.

Neutron core contributor Avril Dutheil said, “We are excited to be part of the effort to bring one of the biggest liquid staking tokens, Lido’s staked ether to the Cosmos ecosystem.”

Lido Finance, which currently manages around $14 billion in TVL, is already a prominent player in the staking market on Ethereum. Currently, Lido supports multiple blockchains, including Ethereum, Polygon, and Solana.