Leading Staking Service Provider Lido Launches Staked ETH Support!

Staking service provider LidoAccording to a statement made on Twitter, the assets are now Layer 2 will support connecting to protocols.

Lido Launches Support for Staked Ethereum (ETH) in Layer 2 Integrations

Lido allows users to stake ETH and in exchange for staked ETH (stETH) allows them to receive.

According to Lido, the new changes made are Layer 2 networks. Arbitrum One and Optimism It aims to preserve the bridgeable and unique features of stETH.

Lido introduced wrapped staked ETH (wstETH), a token that will provide ease of integration among DeFi partners. Users are provided with guides with instructions on how to use stETH for wstETH.

To encourage participation, on 7 October, Beethoven X, Balancer, Curve Finance, Kyber Network and velodrome 150,000 LDO tokens will be allocated monthly to feed wsETH rewards on partner networks, starting with mining liquidity incentives on DeFi platforms, including

Tier 2 networks Arbirtum and Optimism have experienced an increase in transaction volume since they went into operation in 2021, and both have recently hit over 200,000 daily transactions.

Lido users integrate with Layer 2 networks Ethereum network congestion and high gas prices, and instead transact on adjacent networks designed to work with Ethereum.

This will help manage the transaction volume on the Blockchain.

In the meantime, the price of Ethereum (ETH), which was negatively affected by the US non-farm employment data, was trading at $ 1,325 at the time of this writing.

*Not investment advice.