Lido contributors would like to propose the addition of wstETH to Venus Protocol as a core market on Base.
Motivation:
Lido’s wstETH is the leading LST on Base with 45k wstETH in bridged TVL at time of writing.
By bringing wstETH to Venus on Base, users will be able to take advantage of wstETH as collateral and loop it with either ETH or their LRTs of choice.
Benefits:
Adding wstETH as collateral will give existing wstETH users additional utility via Venus Protocol on Base, helping grow Venus’s deployment and instantly give Venus a community of active users for their platform.
The addition of using a reward bearing collateral asset like wstETH increases capital efficiency and lending use cases for Venus Protocol.
The addition of wstETH enables both Lido and Venus to support each other’s growth on Base.
About Lido Lido.fi is a decentralized liquid staking platform behind stETH & wstETH that allows users to participate in Ethereum staking to earn ETH rewards without sacrificing liquidity.
Website: https://lido.fi/
Twitter: x.com
Discord: Lido
Bringing wstETH to base makes a lot of sense. Looping is one of the core defi strategies for Venus and having wstETH as a collateral asset for the Base launch will provide this strategy + others from day 1.
It is nice to have the opportunity to list the assets of partners offering looping strategies before Venus is deployed on Base, this will expand the usability of Venus Base Market.
It’s amazing to see more projects joining our upcoming deployment on Base, especially platforms where looping strategies can be applied. I believe this offers a great opportunity for all DeFi users. I fully support this proposal—count on my vote. Let’s go for that VIP!
Adding wstETH as a core market on Base is a smart move for Venus Protocol. It expands utility for Lido’s leading liquid staking asset while attracting active users to Venus, enhancing both protocols’ presence on Base. Fully support this initiative.
