Lido Finance has launched its staking service on layer-2 platforms, Arbitrum and Optimism. The aim of the deployment is to make Lido’s service accessible to a larger number of users and to reduce the gas fees involved.
Lido Finance is offering liquid staking, the kind of Ethereum staking that allows users to withdraw the staked funds whenever they please. As part of the starting phase of layer-2 support, Lido’s wstETH token can now be bridged to Arbitrum and Optimism.
To reward users, Lido will provide 150,000 Lido DAO tokens per month. This should lead to increased liquidity, further incentivizing stakers on collaborator DeFi protocols, such as Balancer and Curve.
Lido currently has nearly $7.5 billion worth of staked Ethereum, some 40% of the total amount. The two layer-2 solutions have conquered over 80% of the overall market share, with Arbitrum holding 51% and Optimism 30% of the market share.