KEY TAKEAWAYS
- wstETH, a wrapped version of staked Ether, is now available on Starknet, enhancing Lido protocol’s multichain capabilities.
- The deployment on Starknet aims to increase adoption across Layer 2 networks, utilizing StarkGate for bridging.
- Starknet, a ZK-Rollup, offers reduced transaction costs while maintaining Ethereum’s security, supporting the expansion of wstETH.
- The Network Expansion Committee recognizes the strategic importance of wstETH on Starknet, aligning with Lido’s multichain expansion goals.
wstETH, a wrapped version of staked Ether, is now live on Starknet, a Layer 2 network operating over Ethereum. This development allows users to bridge their staked ETH and utilize it within the Starknet ecosystem, marking a significant step in Lido protocol’s multichain use cases.
The deployment of wstETH on Starknet is expected to promote broader adoption across various Layer 2 networks. Users can bridge their wstETH to Starknet using StarkGate, a dedicated bridge platform. For detailed tutorials and instructions, users can refer to the guide on bridging to Starknet.
Understanding Starknet
Starknet is a ZK-Rollup that functions as a Layer 2 network over Ethereum. It employs STARK proof technology to process transactions with reduced costs while maintaining Ethereum’s security properties. As a validity rollup, Starknet processes transactions off-chain and posts validity proofs to Ethereum, ensuring that state transitions are computationally verified. More information on Starknet can be found on their official website.
Significance of wstETH on Starknet
The availability of wstETH on Starknet has been recognized by the Network Expansion Committee (NEC). This committee was recently established through a Snapshot vote to evaluate and recognize stETH and wstETH protocol bridging endpoints and token denominations on new networks on behalf of LDO token holders. This recognition aligns with NEC’s mandate to streamline the process for expanding (w)stETH to new networks.
Users can explore Starknet and other supported networks in the Lido Multichain hub, where technical specifications, protocol integrations, and network-specific guides are available. In the future, stETH is set to be available across a number of new Layer 2 networks to further enhance its utility.
For more details on this development, visit the official announcement here.
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