NEC-1: Recognition of wstETH Bridge Endpoints on Starknet as Canonical

Proposals Lido Multichain
1

Background

The Network Expansion Committee (NEC) was established and approved by LDO holders.

The establishment of the NEC makes it possible to:

  • Streamline the process for expanding (w)stETH to new networks without sacrificing the security aspect or transparency
  • Inherit the principles presented in the unofficial bridging guide and corresponding previously recognized bridging endpoints and token denominations
  • Reuse already used codebase wherever possible + automate deployments

All NEC decisions will be put on hold for 5 days after the forum post is published. If no objection is received during this period, the decision will stand. If an objection is received within this period, the NEC decision will be disregarded, and a regular snapshot vote will be held.

To object, anyone can sign an objection message (on Etherscan or any other tool allowing to sign messages on behalf of address holding LDOs) and post the signing address, message, and signature hash as a reply to the forum post. The objection will be considered received if and only if the sum of LDO tokens held at the unique addresses used to sign the objection messages is greater than 100k LDO on the block corresponding to the NEC decision posting.

Proposal

This proposal outlines the recognition of wstETH bridge endpoints on Starknet as canonical and presents the rationale behind this decision by NEC.

Initial proposal for wstETH on Starknet
wstETH deployment on Starknet

Reasons for the decision

  • Starknet is a fast-growing L2 with significant DeFi activity.
  • High demand for wstETH on Starknet.
  • Deploying wstETH on Starknet aligns with the GOOSE 2024 cycle: Lido DAO goals for 2025 making stETH the most used token in the Ethereum Ecosystem.

Benefits for Lido stakers

  • Enhanced access to wstETH on Starknet.
  • Expands the utility of wstETH within the growing Starknet ecosystem, offering significant value for current and future stakers.

Mainnet deployment contracts

Audit reports

Third-party audit review
The Nethermind Security team has prepared the verification report, with an overview of the provided solution regarding the audited code state, roles, initialization, and previously used unofficial guidelines covering the design recommendations and bridging approaches.

QA test results for bridge
The bridge functionality at StarkGate has been successfully tested.

Next steps if there are no objections

  • Pass technical administrative smart contract levers towards Lido DAO
    (to be informed in this thread).
  • Launch UI for wstETH on Starknet on the Lido Multichain Page for better DeFi options accessibility and improved user experience.
  • Launch support materials such as a bridging help guide.
  • Announcements via Blog posts, Twitter, Discord, and Telegram for community engagement.
NEC-1: Recognition of wstETH Bridge Endpoints on Starknet as Canonical
  • Approve
  • Reject
0 voters
4 Likes
2

Congrats on the first official NEC post, and looking forward to the vote conclusion!

2 Likes
3

Hey there, would suggest to go forward with this recognition, voted ‘for’.

4

I am pleased to note that the cooling-off period has expired without objection, allowing NEC to proceed with the Starknet deployment as proposed. The release of Starknet is scheduled for today, 05/12/2024.

2 Likes
5

wstETH is now available on Starknet

wstETH is live on Starknet, allowing users to bridge their staked ETH and use it within the Starknet ecosystem.

This deployment marks a significant step in Lido protocol’s multichain use cases, promoting broader adoption of wstETH across various Layer 2 networks.

:arrow_right: Bridge your wstETH to Starknet using StarkGate: starkgate.starknet.io

:arrow_right: For tutorials & instructions: Guide: Bridging to Starknet

:arrow_right: Read more: Blog post

The final step, which will take place in the next few days, is the transfer of the governance roles to the Lido DAO.

4 Likes