Add support for Lido’s stETH and wstETH markets on Venus Protocol on ETH mainnet
stETH and wstETH are well-established and widely recognized tokens in the decentralized finance (DeFi) ecosystem.
StETH (staked Ether) is a token that represents your stake in the Ethereum network. By staking, commit your ETH to a validator and receive stETH (receipt token) in return. This token serves as a representation of your staked ETH and can be traded or used as collateral for lending and borrowing.
wstETH is a wrapped version of stETH. It’s more composable with DeFi protocols.
By integrating stETH and wstETH into its markets, Venus Protocol would allow its users to earn lending APY on their staked ETH holdings, loop yield vs ETH and borrow other assets like stables for their daily operations. Furthermore, supporting these tokens would also enhance Venus Protocol’s overall liquidity and trading volume.
Adding support for stETH and wstETH tokens on Venus Protocol would provide users with access to a wider range of investment opportunities, enable them to earn lending APYs on top of staking rewards on Ethereum, and enhance the liquidity and trading volume on the platform.