Close Menu
  • News
    • Bitcoin
    • Altcoins
    • DeFi
    • Regulation
    • Market Cap
    • Web 3
    • Scam
  • Blockchain
  • NFT
  • Metaverse
  • Analysis
  • Learn
  • Blog
  • Contact
    • Tech7685@gmail.com
What's Hot

Bitcoin Treasury debts concerning concern are exaggerated, “Exec claims

2025-06-05

Successful retest of Breakout zone sets phase for the next leg higher

2025-06-05

Crypto -Liquidations Almost $ 1 billion after a messy break between Elon Musk and US President Donald Trump

2025-06-05
Facebook X (Twitter) Instagram
  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
  • Advertise
  • BitcoinPlatform.com
Facebook X (Twitter) Instagram
Free Cryptocurrency – Bitcoin | Altcoins | Blockchain | News Stories Updated Daily
  • News
    • Bitcoin
    • Altcoins
    • DeFi
    • Regulation
    • Market Cap
    • Web 3
    • Scam
  • Blockchain

    Crypto Ai Benchmark Alliance to test AI and Crypto agents

    2025-06-05

    Berachain tapered ethereum’s pectra playbook with ‘bectra’ upgrade

    2025-06-05

    $ 650 million bridged to Solana in May, with $ 400 million contributing to Ethereum

    2025-06-05

    SFT protocol works together with Manuspay to stimulate the Echt-Wold Depin Utility in Web3 payments

    2025-06-05

    New Solana -Tool repairs the KYC bottleneck

    2025-06-05
  • NFT

    Trump Family touches Magic Eden with cease-and-desists about crypto-wallet plans: Bloomberg

    2025-06-05

    From color as theory to generative art with NFTs

    2025-06-05

    Yuga Labs throws NFT icons while it doubles on monkeys and others.

    2025-06-04

    Trump Deepfake calls for Velociraptors on Border Patrol, charges 1.2 m view

    2025-06-03

    MINTABLE reveals Green NFT -card game on Singapore Climate Festival

    2025-06-03
  • Metaverse

    Shib: The Metaverse – Part of the expanding Shiba Inu ecosystem

    2025-01-03

    Experience to Earn: Everdome’s Metaverse Frontier

    2024-12-30

    Beyond Bots: Meta Motivo and the Dawn of Human Digital Life

    2024-12-13

    Exploring NetVRk: What’s Behind This AI-Powered Virtual Universe?

    2024-10-28

    Council of Europe emphasizes the impact of Metaverse on privacy and democracy

    2024-09-05
  • Analysis

    Successful retest of Breakout zone sets phase for the next leg higher

    2025-06-05

    Circle makes Wall Street debut as the first major stablecoin -mittent on NYSE

    2025-06-05

    ‘Substantial leg-up rally’ comes according to Tom Lee from Fundstrat from Fundstrat-Dit is why

    2025-06-05

    Price slips further, investors on Edge

    2025-06-05

    XRPL is confronted

    2025-06-05
  • Learn

    What Is Crypto Staking? A Beginner-Friendly Guide

    2025-06-05

    What Are Liquidity Pools? A Beginner’s Guide

    2025-06-05

    What Is Yield Farming and How Does It Work?

    2025-06-02

    What Is Asset Tokenization? How It Works and Why It’s Important

    2025-05-30

    What Is DeFi 2.0 and Why It Matters

    2025-05-27
  • Blog
  • Contact
    • Tech7685@gmail.com
Free Cryptocurrency – Bitcoin | Altcoins | Blockchain | News Stories Updated Daily
Home»Blockchain»LayerZero’s wstETH bridge implementation draws Lido DAO ire
Blockchain

LayerZero’s wstETH bridge implementation draws Lido DAO ire

2023-10-29No Comments3 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email

LayerZero recently introduced a bridge token that allows users to move Lido’s $5.5 billion wrapped staked ether (wstETH) token between Ethereum, Avalanche, BNB, and Scroll.

There was one small problem, however: LayerZero apparently didn’t wait for permission from Lido DAO before deploying.

LayerZero’s announcement of its omnichain fungible token (OFT) before a DAO vote led some Lido DAO members to feel that the DAO is being strong-armed to gain approval. Although Lido DAO’s power has been a topic of concern lately, one member says the DAO has limited influence to prevent situations like this.

LayerZero announced its wstETH standard on Wednesday, and Binance’s BNB chain followed with an announcement of its own.

Hart Lambur, a Lido seed investor, said the combined marketing push gave a false sense of Lido’s approval.

“It looks like this is the official Lido bridge going to those chains,” Lambur said, “but it’s not sanctioned or approved by Lido at all. It’s not checked. The safety risks have not yet been debated.”

Lambur added that Lido DAO has no recourse other than a possible lawsuit to stop LayerZero from deploying its OFT as Lido-approved.

Around the same time the announcement posts appeared, LayerZero made a proposal on the Lido DAO forum stating that it had created the wstETH bridge and would like to see the product formally endorsed by Lido DAO. DAO members immediately expressed their skepticism.

“By unilaterally deploying a bridge and marketing it in an official-looking way, it feels like you’re trying to pressure the DAO into accepting your proposal,” said Hasu, the strategy lead at Flashbots.

See also  DAC -Platform works together with the real lifestyle to promote RWA investments via web3

LayerZero did not immediately respond to a request for comment.

Several forum posters advocated waiting a week before putting the proposal to a vote, while others expressed concerns about the safety of the OFT.

Lambur said that while a worst-case scenario is unlikely, the real danger lies in LayerZero and BNB Chain advertising an unaudited OFT standard, as the two companies’ marketing could attract significant investment.

“Let’s say… we have a billion dollars in this standard, and then there’s an exploit and then there’s unlimited production of this thing that people are selling, [causing] pandemonium and panic. Everyone is selling sETH and trying to withdraw their ETH from Lido,” said Lambur. “That disaster scenario, I’m not saying it’s likely, but it’s not impossible.”

According to Blockworks Research, wstETH is the 13th largest crypto token by market capitalization.

About $34.5 million worth of wstETH changed hands in the 24 hours after LayerZero’s announcement, a negligible change from the day before.

Source link

bridge DAO draws Implementation ire LayerZeros Lido wstETH
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Crypto Ai Benchmark Alliance to test AI and Crypto agents

2025-06-05

Berachain tapered ethereum’s pectra playbook with ‘bectra’ upgrade

2025-06-05

$ 650 million bridged to Solana in May, with $ 400 million contributing to Ethereum

2025-06-05

SFT protocol works together with Manuspay to stimulate the Echt-Wold Depin Utility in Web3 payments

2025-06-05
Add A Comment

Comments are closed.

Top Posts

Nobody Cares About Crypto (And That’s a Good Thing)

2024-07-18

Is Bitcoin Heading for a $90,000 Correction?

2025-01-10

Here is the moment when the stock market could go out, according to Fidelity Global Macro Analyst Jurrien Timmer

2025-03-26
Editors Picks

Donald Trump’s World Liberty Financial becomes the largest 0.1% holder of staked Ethereum after massive accumulation

2025-01-23

BONK is struggling to maintain profits as selling pressure increases

2024-12-13

Election day is here. Here’s what it means for crypto

2023-05-03

Bitwise, BlackRock updates registrations for the first US spot Bitcoin ETF

2023-12-04
About
About

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, Defi, NFT, Metaverse and more.

We're social. Connect with us:

Facebook X (Twitter) Instagram Pinterest YouTube
Top Insights

Bitcoin Treasury debts concerning concern are exaggerated, “Exec claims

Successful retest of Breakout zone sets phase for the next leg higher

Crypto -Liquidations Almost $ 1 billion after a messy break between Elon Musk and US President Donald Trump

Get Informed

Subscribe to Updates

Get the latest news and Update from Free.cc about Crypto, Metaverse, NFT and more.

  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
  • Advertise
  • BitcoinPlatform.com
© 2025 Free.cc - All rights reserved. Contact: info@free.cc

Type above and press Enter to search. Press Esc to cancel.

  • bitcoinBitcoin(BTC)$101,798.44-2.76%
  • ethereumEthereum(ETH)$2,424.76-6.97%
  • tetherTether USDt(USDT)$1.000.01%
  • rippleXRP(XRP)$2.10-4.53%
  • binancecoinBNB(BNB)$635.56-4.21%
  • solanaSolana(SOL)$144.95-5.52%
  • usd-coinUSDC(USDC)$1.000.04%
  • tronTRON(TRX)$0.2809152.43%
  • dogecoinDogecoin(DOGE)$0.172195-8.38%
  • cardanoCardano(ADA)$0.63-5.31%
  • hyperliquidHyperliquid(HYPE)$34.35-3.72%
  • suiSui(SUI)$2.96-6.71%
  • chainlinkChainlink(LINK)$12.93-6.47%
  • unus-sed-leoUNUS SED LEO(LEO)$8.80-2.86%
  • stellarStellar(XLM)$0.258163-3.14%
  • avalanche-2Avalanche(AVAX)$18.83-6.59%
  • bitcoin-cashBitcoin Cash(BCH)$386.86-3.31%
  • the-open-networkToncoin(TON)$3.05-3.56%
  • shiba-inuShiba Inu(SHIB)$0.000012-6.09%
  • hedera-hashgraphHedera(HBAR)$0.160191-4.07%
  • litecoinLitecoin(LTC)$83.73-4.78%
  • polkadotPolkadot(DOT)$3.84-4.38%
  • moneroMonero(XMR)$318.570.56%
  • ethena-usdeEthena USDe(USDE)$1.00-0.02%
  • daiDai(DAI)$1.000.02%
  • bitget-tokenBitget Token(BGB)$4.55-4.69%
  • piPi(PI)$0.62-3.50%
  • pepePepe(PEPE)$0.000011-9.25%
  • uniswapUniswap(UNI)$5.92-6.49%
  • aaveAave(AAVE)$243.31-8.07%
  • bittensorBittensor(TAO)$354.77-6.73%
  • okbOKB(OKB)$49.79-0.44%
  • crypto-com-chainCronos(CRO)$0.098190-1.95%
  • aptosAptos(APT)$4.51-5.98%
  • nearNEAR Protocol(NEAR)$2.27-6.70%
  • internet-computerInternet Computer(ICP)$4.89-6.41%
  • ethereum-classicEthereum Classic(ETC)$16.35-5.28%
  • ondo-financeOndo(ONDO)$0.78-6.31%
  • gatechain-tokenGateToken(GT)$18.50-3.53%
  • usd1World Liberty Financial USD(USD1)$1.000.01%
  • kaspaKaspa(KAS)$0.081490-1.84%
  • mantleMantle(MNT)$0.63-4.41%
  • polygon-ecosystem-tokenPOL (prev. MATIC)(POL)$0.200741-5.87%
  • official-trumpOFFICIAL TRUMP(TRUMP)$9.80-9.19%
  • vechainVeChain(VET)$0.022768-4.22%
  • render-tokenRender(RENDER)$3.58-4.53%
  • ethenaEthena(ENA)$0.287791-8.35%
  • artificial-superintelligence-allianceArtificial Superintelligence Alliance(FET)$0.73-8.51%
  • worldcoin-wldWorldcoin(WLD)$1.04-9.13%
  • cosmosCosmos(ATOM)$4.10-4.22%
  • bitcoinBitcoin(BTC)$101,798.44-2.76%
  • ethereumEthereum(ETH)$2,424.76-6.97%
  • tetherTether USDt(USDT)$1.000.01%
  • rippleXRP(XRP)$2.10-4.53%
  • binancecoinBNB(BNB)$635.56-4.21%
  • solanaSolana(SOL)$144.95-5.52%
  • usd-coinUSDC(USDC)$1.000.04%
  • tronTRON(TRX)$0.2809152.43%
  • dogecoinDogecoin(DOGE)$0.172195-8.38%
  • cardanoCardano(ADA)$0.63-5.31%
  • hyperliquidHyperliquid(HYPE)$34.35-3.72%
  • suiSui(SUI)$2.96-6.71%
  • chainlinkChainlink(LINK)$12.93-6.47%
  • unus-sed-leoUNUS SED LEO(LEO)$8.80-2.86%
  • stellarStellar(XLM)$0.258163-3.14%
  • avalanche-2Avalanche(AVAX)$18.83-6.59%
  • bitcoin-cashBitcoin Cash(BCH)$386.86-3.31%
  • the-open-networkToncoin(TON)$3.05-3.56%
  • shiba-inuShiba Inu(SHIB)$0.000012-6.09%
  • hedera-hashgraphHedera(HBAR)$0.160191-4.07%
  • litecoinLitecoin(LTC)$83.73-4.78%
  • polkadotPolkadot(DOT)$3.84-4.38%
  • moneroMonero(XMR)$318.570.56%
  • ethena-usdeEthena USDe(USDE)$1.00-0.02%
  • daiDai(DAI)$1.000.02%
  • bitget-tokenBitget Token(BGB)$4.55-4.69%
  • piPi(PI)$0.62-3.50%
  • pepePepe(PEPE)$0.000011-9.25%
  • uniswapUniswap(UNI)$5.92-6.49%
  • aaveAave(AAVE)$243.31-8.07%
  • bittensorBittensor(TAO)$354.77-6.73%
  • okbOKB(OKB)$49.79-0.44%
  • crypto-com-chainCronos(CRO)$0.098190-1.95%
  • aptosAptos(APT)$4.51-5.98%
  • nearNEAR Protocol(NEAR)$2.27-6.70%
  • internet-computerInternet Computer(ICP)$4.89-6.41%
  • ethereum-classicEthereum Classic(ETC)$16.35-5.28%
  • ondo-financeOndo(ONDO)$0.78-6.31%
  • gatechain-tokenGateToken(GT)$18.50-3.53%
  • usd1World Liberty Financial USD(USD1)$1.000.01%
  • kaspaKaspa(KAS)$0.081490-1.84%
  • mantleMantle(MNT)$0.63-4.41%
  • polygon-ecosystem-tokenPOL (prev. MATIC)(POL)$0.200741-5.87%
  • official-trumpOFFICIAL TRUMP(TRUMP)$9.80-9.19%
  • vechainVeChain(VET)$0.022768-4.22%
  • render-tokenRender(RENDER)$3.58-4.53%
  • ethenaEthena(ENA)$0.287791-8.35%
  • artificial-superintelligence-allianceArtificial Superintelligence Alliance(FET)$0.73-8.51%
  • worldcoin-wldWorldcoin(WLD)$1.04-9.13%
  • cosmosCosmos(ATOM)$4.10-4.22%