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Axelar Network has announced a partnership with Lido (LDO) to introduce stETH to the Cosmos (ATOM) ecosystem. This development requires bringing both versions of stETH, the rebase token, and the automatically composited wrapped token wstETH, to the Cosmos network. This process involves bridging from Ethereum to Neutron through Axelar and then integrating with the wider IBC chain ecosystem.
New Partnership for Lido!
This transition could mark the beginning of the journey for stETH and wstETH within Cosmos. After successfully deploying wstETH in Cosmos and establishing interchain governance mechanisms, Lido DAO will take over the ownership, management, and overall governance control of the bridge from Axelar and Neutron. This collaboration has the potential to expand the utility and accessibility of stETH.
In addition, Lido management recently proposed a framework for surplus management for Lido DAO, aiming to reduce risks. The proposal outlines increasing the slashing threshold to 25,608 stETH, five times higher than the current threshold, to minimize refund risks in case of related slashing events. Despite these factors, Lido did not experience growth last week. The total value locked (TVL) reached $14.05 billion, recording a marginal decrease after a slight drop in token prices.
Current Data on Lido!
However, Lido topped the net new deposits to the Ethereum Beacon Chain with an impressive increase of 42,880 ETH during the week. The stETH Annual Percentage Rate (APR) remained relatively stable, reflecting a 7-day moving average of 3.73%. On the other hand, the total (w)stETH volume deposited into DeFi pools experienced a small decrease of 5.72% last week. It currently stands at 2,972,935 stETH, constituting 34.56% of the total stETH supply. Notably, a significant portion of these deposits came from stETH withdrawals from the Lybra Finance pool.
Additionally, the amount of stETH bridged to Layer 2 (L2) reached 134,699 stETH, experiencing a modest decrease of -0.43%. In addition to the protocol’s underperformance, the price movement of LDO was also negatively affected. At the time of reporting, LDO was trading at $1.52, representing a slight decrease of 0.42% according to CoinMarketCap. Furthermore, LDO’s trading volume recorded a 18.96% decrease in the last 24 hours.
