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Lido Deploys wstETH on Polygon as Part of its Expansion Plan on L2 Networks.

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On March 10, Lido, the liquidity pledge agreement, announced that wstETH had been deployed on Polygon. This is the third step of the expansion plan of \”Lido on…

Lido Deploys wstETH on Polygon as Part of its Expansion Plan on L2 Networks.

On March 10, Lido, the liquidity pledge agreement, announced that wstETH had been deployed on Polygon. This is the third step of the expansion plan of “Lido on L2”. Polygon has become the third Layer2 network supporting Lido Ethereum’s liquid mortgage derivatives after Arbitrum and Optimism.

Lido has deployed wstETH on Polygon

Analysis based on this information:


Lido, a decentralized finance (DeFi) platform that provides staking and liquidity services for Ethereum, has announced the deployment of wrapped stETH (wstETH) on Polygon. This move is part of Lido’s expansion plan to deploy its services on Layer 2 (L2) networks.

Polygon, formerly known as Matic Network, is a scaling solution for Ethereum that aims to reduce fees and increase transaction speed. By deploying wstETH on Polygon, Lido has made Ethereum’s liquid mortgage derivatives available to more users, and reduced the cost of transacting on Ethereum.

This is the third step of Lido’s expansion plan on Layer 2 networks. The first was on Arbitrum, a popular Layer 2 network, followed by Optimism. Lido’s deployment on these networks allows users to stake their Ethereum and earn rewards while enjoying lower gas fees and faster transaction times.

Lido’s decision to deploy on Polygon is a big milestone for the network. Polygon has been seeing significant growth in recent months, with a surge in transaction volume and total value locked in its DeFi protocols.

The deployment of wstETH on Polygon is also significant for Lido’s growth, as it allows Ethereum holders to participate in Lido’s staking services and earn rewards without worrying about high gas fees. Staked Ethereum is converted into wrapped stETH, which represents a share in a pool of Ethereum staked by Lido. This makes it easy for token holders to participate in Ethereum’s staking services, which is necessary to keep the network secure.

In summary, Lido’s deployment of wstETH on Polygon is a significant milestone for both projects. Lido’s expansion on Layer 2 networks allows its services to reach more users, while Polygon’s growth as a network is further validated by the addition of Lido’s services. This move also shows the importance of Ethereum’s scaling solutions in the growth of DeFi and the wider blockchain ecosystem.

In conclusion, Lido’s deployment of wstETH on Polygon is a significant expansion move, and it shows Lido’s commitment to providing quality services to its users.

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