Lido Finance to Launch Liquid Staking in L2 Solutions for Ethereum

Lido Finance has announced it has launched a Ethereum 2.0 liquid staking service on Layer 2 (L2) scaling networks.

According to the company devs:

“Ethereum is scaling and Lido is following suit. We are very excited to reveal our plans to expand the service on L2, starting with the expansion of stETH in the growing DeFi ecosystem based on second-tier solutions. For users, this means staking with lower fees and access to a new set of decentralized applications to increase profitability.”

Lido Finance is a service for liquid staking of cryptocurrencies. The protocol allows users to deposit coins in a relevant contract and receive in return the amount of “derivative” tokens that can be used in DeFi services. In the case of Ethereum, these are stETH tokens.

The project team has emphasized they would not limit themselves to a separate L2 solution. The service will be launched “in all sufficiently verified second-level networks with demonstrated economic activity.”