2023-09-15
Lido liquid staking platform will brings its wrapped liquid-staked ETH (wstETH) to run on Cosmos.
Lido chose Neutron a smart contract platform
that runs on Cosmos and Axelar interoperability protocol to bridge wstETH to
Cosmos ecosystem. Neutron has developed is a wrapper contract designed to make sure that bridging components are unified.
Neutron
and Axelar have each committed 1% of their respective network genesis supply in
token incentives to build liquidity for wstETH through DeFi applications within
the Inter-Blockchain Communication Protocol (IBC) ecosystem and future
expansion to other L1 ecosystems.
Axelar is an interoperability protocol that
connect blockchains, making blockchains can community with each other. Axelar network
has a native token called AXL. As of September 15, 2023, AXL ranks 160th largest crypto by
market cap. It has $139.7 million market cap. AXL’s fully diluted market cap is
$383.7 million.
