The Lido community decentralized autonomous organization (DAO) on August 9 conducted an onchain vote and approved the integration of Axelar and Wormhole as the official solution for bridging Lido Staked ETH to the BNB Chain.
This move was announced as a significant landmark for Lido, as it marks the first time the platform will connect to a layer-1 blockchain protocol outside of Ethereum.
With this bridge, a total value of $23 billion will be able to interact with the BNB Chain, which is currently among the top five chains in terms of total value locked.
Despite a temporary decrease in Lido’s share of the staked Ether market earlier this year, the platform still remains the dominant player, with a 28.2% share of net Ether deposits across the staking market.
