Lido has selected Neutron and Axelar to launch its wrapped liquid staked ether token on Cosmos.
More than 30 Cosmos teams have expressed interest in integrating wstETH, according to a statement. Also, 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 Cosmos ecosystem. "The cross-chain expansion of the largest liquid staking token will be secured by AXL and enhanced by full-stack interoperability,” Axelar co-founder Sergey Gorbunov added.
Lido’s staked ether is available as a rebasing token, stETH, whose total supply adjusts. Additionally, there’s a wrapped auto-compounding token, wstETH, which automatically reinvests the rewards earned and will be used for bridging via Neutron and Axelar to Cosmos.