Lido Proposal: #0xac55c2cd8610c3b72cb769cec6b97891b5880f2f1f458eda2eb17218332cef6f

Should the Lido DAO recognize the wstETH bridge endpoints on Zircuit as canonical?

Status:
Closed
Recognize100%

Recognize: 100%

61,097,211 LDO

Don’t recognize: 0%

1,483 LDO

Voting Period

  -  

Proposer

0xDbBC6A93ae517D3ea568C04219cbBBd025f01CB6

Discussion

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Description

The proposal is to recognize the wstETH token bridging endpoints for Zircuit by the Lido DAO as canonical. If Snapshot passes, the Lido DAO will control the endpoints of wstETH token contract (including the token contract on Zircuit itself) as a proxy admin. Lido DAO will only have the upgrade authority of the wstETH proxy contract, and will not be able to manage the native bridge itself.

About Zircuit

Zircuit is an Ethereum Virtual Machine (EVM) - compatible Zero-Knowledge Layer 2 rollup with AI-enabled security at the sequencer level. Apart from offering much lower network fees and higher transaction throughput than Ethereum mainnet, Zircuit’s main focus is security. Zircuit aims to become a central hub for restaked assets.

Zircuit is working with a multitude of DeFi projects to build a robust and secure ecosystem. Zircuit has not yet migrated funds from the Ethereum Mainnet onto Zircuit L2 and is still in its Testnet phase, but currently (September 2024), there is $1.8B in the Zircuit staking contract (see DefiLlama), of which about $120M is in wstETH. This number alone suggests that wstETH will play a key role in the Zircuit L2 ecosystem.

Links

Audits

To better form an opinion you may consider reading through the audit reports for:

Deployments on Mainnet (L1) and Zircuit (L2):

Bridge UI: https://bridge.zircuit.com/

Explorer: https://explorer.zircuit.com/

Contracts

Ethereum

Zircuit

Levers Setup