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Popular staking service Lido Finance announced it would expand to other layer-2 scaling services for Ethereum. Lido Finance is determined to maintain low fees for Ethereum today and tomorrow.

Liquid staking has announced it will expand into layer-2 scaling solutions for Ethereum.

“This means that Ethereum stakers can stake with lower fees and have access to a new suite DeFi apps to increase yields,” said the project in a statement yesterday.

Lido Finance is a solution to many users’ problems when it comes time to stake their Ethereum.

You would typically need 32 Ethereum to stake on Ethereum as part of the transition to a Proof-of-Stake network. This is roughly $50,000.

Lido allows you to stake as much or as little as you like and still earn a return. You can currently earn just under 4 percent for stakes on the platform.

It is loved by crypto enthusiasts as well, with Lido claiming the largest market share.

You will also receive a token called “Staked Ethereum” in return, which keeps you liquid even if you have your precious Ethereum locked up.

This stETH can be used to deposit the stETH on Aave or as collateral to mint stablecoin DAI via MakerDAO.

As we have seen, additional operations can be costly. Lido therefore decided to explore cheaper and faster alternatives.

Although the Lido team intends to “make Lido’s staked assets tokens widely accessible throughout Ethereum Layer 2,” they will first integrate crypto wallet , Argent, and make “wstETH” available to zkSync users as well as Aztec.

wstETH , which is simply , is yet another wrapped version stETH. It’s compatible with a greater number of Decentralized Finance (DeFi) projects. Argent is a user-friendly cryptocurrency wallet that has integrated layer-two solution ZkSync. Aztec is another privacy-centric Ethereum scaling system.

Lido is already the market leader in this service and its push for layer-2 options could strengthen that lead.

If not now then maybe during the next bull market when gas prices hit new all time highs.

The post Ethereum Layer 2 Can Help Increase Speeds and Reduce Fees for Lido Finance first appeared on The Daily Encrypt.



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Angie Byrd