Lido (LDO) Since going live in 2020, Lido’s goal has been to | Crypto Great | Bitcoin | DeFi

Lido (LDO)

Since going live in 2020, Lido’s goal has been to simplify the staking experience by mitigating the challenges associated with it.

As the Ethereum network adopts more scaling solutions it’s important that Lido is following suit. On July 18, Lido unveiled its expansion plans to provide stETH across the growing L2 DeFi ecosystem.

For Ethereum stakers, this means staking with lower fees and access to a new suite of DeFi applications to amplify yields.

Lido is not limited to a particular network, and is committed to making Lido’s staked-asset tokens widely available.

Initially, Lido will support a wrapped version of stETH with bridging and staking on L2. Support for staking ETH held by users on L2 directly without the need to bridge assets will follow.

The bridging contracts for Optimism and Arbitrum have been developed by the Lido core development team and audited externally.

Both Arbitrum and Optimism bridges have been deployed in the ‘paused’ state. A Snapshot proposal will be available for DAO approval of bridging plans, following a successful public audit.

Ethereum has reached the network's current capacity with over 1 million transactions per day. The success of Ethereum and the demand to use it has caused gas prices to rise substantially, causing the need for stETH to be available on L2 scaling solutions to increase in tandem.

Demand for the Lido’s native utility token is surging as well. Since last month, LDO has been listed on FTX, KuCoin, and Binance.US – providing over 55 million users around the globe with easily accessible liquidity.