The Lido Finance community decided to expand its services to the BNB Chain, marking the company's first steps beyond the Ethereum ecosystem.
Lido's Staking Market
Lido Finance is already a dominant player in the Ethereum staking market, holding a substantial 28.2% share of net ETH deposits. According to DefiLlama, Lido’s liquid staking protocol commands $26.48 billion of the total $83.782 billion in the DeFi ecosystem.
Integration with BNB Chain
The BNB Chain, which boasts a total value locked (TVL) of approximately $23 billion, is one of the top five blockchain ecosystems by TVL. This integration is expected to open new liquidity avenues for both platforms. The merging of Lido’s staked ETH (stETH) with the BNB Chain will be facilitated by Axelar and Wormhole, acting as canonical solutions for bridging assets between these ecosystems.
Lido Institutional: Catering to Large Investors
In addition to expanding to the BNB Chain, Lido Finance recently launched Lido Institutional, aimed at meeting the needs of large institutional clients such as custodians, asset managers, and exchanges. This platform combines enterprise-level staking reliability and security with the necessary liquidity and utility for sophisticated institutional strategies. The launch of Lido Institutional follows months of preparation and strategic collaborations with infrastructure providers such as Taurus and Fireblocks.
The expansion of Lido Finance to the BNB Chain and the launch of Lido Institutional mark significant milestones in the company's growth, enabling it to offer more opportunities in the DeFi space and attract new investors.
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