Lido Proposal: #0xcc52cdc83273b42a056cfc632889355595821a2cc9a59ba8adff66b30e9718f9

Should the Lido DAO recognize the wstETH Bridge Endpoints on BNB as canonical?

Status:
Closed
Recognize100%

Recognize: 100%

50,284,869 LDO

Don’t recognize: 0%

88 LDO

Voting Period

  -  

Proposer

0xDbBC6A93ae517D3ea568C04219cbBBd025f01CB6

Discussion

Go to Discussion

Description

The proposal is to recognize the wstETH token bridging endpoints for BNB by the Lido DAO as canonical. If Snapshot passes, the Lido DAO will control the endpoints of wstETH token contract 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 underlying bridge infrastructure itself, but having the ability to append/remove additional bridge verifiers via an on-chain DAO vote.

The expected technical capabilities of the DAO-representing contracts, contingent on the DAO recognition:

  1. Proxy admin capability by Lido DAO Aragon Agent contract on Ethereum
    1. Contract Address: 0x3e40D73EB977Dc6a537aF587D48316feE66E9C8c
  2. Proxy admin capability by Lido a.DI CrossChain Executor on BNB
    1. Contract Address: 0x8E5175D17f74d1D512de59b2f5d5A5d8177A123d
  3. Pausability by Emergency Brakes multisig
    1. Ethereum: 0x73b047fe6337183A454c5217241D780a932777bD
    2. BNB: 0xC2b778fCc3FF311Cf1abBF4E53880277bfD14C8f

This initiative has been undertaken by Wormhole and Axelar contributors who deployed the wstETH canonical bridge to BNB being the first multi-verifier bridge proposed to be recognized by Lido DAO for wstETH after the corresponding temp check vote passed.

Motivation

stETH is a key token in the Ethereum ecosystem powering much of defi and new innovation in recent years. Today, it has a market cap of over $30B and well over 450,000 holders, and its importance has only continued to grow over the years. BNB chain remains one of crypto’s most important ecosystems with over $4.5B in tvl and consistently boasts a massive number of daily active users. Introducing a canonical, community approved wstETH to BNB chain will reduce friction in adoption and ultimately enhance growth for the token as well as for the Lido DAO.

Audits

Mainnet Contracts

Newly Deployed Contracts

Deployment Artifacts and Levers Setup