wstETH Now Available on the Layer 2 Mode Network
CryptoNewsTerminal Staff12 Sep, 2024
wstETH Now Available on the Layer 2 Mode Network
Lido's stETH wstETH is now available on the Optimistic Superchain DeFi L2 network, the Mode Network. This integration allows users to bridge wstETH to the Mode Network via the Superbridge, enabling access to a range of DeFi applications and services with lower transaction fees and faster confirmation times. wstETH is a tokenized version of Lido's staked ETH, which represents a user's share of the staked ETH pool. By holding wstETH, users can earn staking rewards without having to run their own validator. The launch of wstETH on the Mode Network provides users with an additional option to access the benefits of staking ETH with Lido, while leveraging the advantages of the Layer 2 scaling solution. The Mode Network is an Optimistic Superchain that offers fast and low-cost transactions. It is compatible with the Ethereum Virtual Machine (EVM), making it easy for developers to deploy and run their applications on the network. The integration of wstETH into the Mode Network ecosystem further expands the reach of Lido's staking services and provides users with more flexibility in managing their staked ETH.
