NEC-2: Recognition of stETH and wstETH Bridge Endpoints on Soneium as Canonical

Proposals Lido Multichain
1

Background

The Network Expansion Committee (NEC) was established and approved by LDO holders to streamline expanding (w)stETH to new networks while ensuring security and transparency.

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 NEC’s decision to recognize the stETH and wstETH bridge endpoints on Soneium as canonical and presents the rationale behind this decision.

Initial proposal for stETH and wstETH on Soneium

Reasons for the decision

  • Integrating stETH and wstETH will create a strong foundation for Soneium’s DeFi ecosystem.
  • Deploying stETH and wstETH on Soneium 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

  • With stETH and wstETH stakers gain broader use cases with Soneium’s DeFi ecosystem.
  • Stakers can be early participants in a rapidly growing Soneium network.
  • Soneium’s focus on mainstream Web3 adoption exposes stETH and wstETH to new users.

Mainnet deployment contracts

Audit reports

Third-party deployment verification

MixBytes via GRAPPA initiative verification is done.

QA test results for bridge

The bridge functionality at SuperBridge has been successfully tested for stETH and wstETH.

Next steps if there are no objections

  • Launch UI for stETH and wstETH on Soneium on the Lido Multichain Page for better accessibility and improved user experience.
  • Launch UI allowing to wrap and unwrap stETH and wstETH on Soneium without need to bridge tokens back to Ethereum on Lido Wrap/Unwrap widget.
  • Launch support materials such as a bridging help guide.
  • Announcements via Blog posts, Twitter, Discord, and Telegram for community engagement.
  • Approve
  • Reject
0 voters
4 Likes