NEC-5: Recognition of wstETH Bridge Endpoints on Swellchain as Canonical

[nikita.p]

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 the recognition of wstETH bridge endpoints on Swellchain as canonical and presents the rationale behind this decision by NEC.

The initial proposal for wstETH on Swellchain

wstETH deployment on Swellchain

Introduction Swell proposes the deployment of wstETH (Wrapped liquid staked Ether 2.0) to Swellchain, with the ultimate goal of the recognition of the wstETH bridging components by the Network Expansion Committee. 1. Swellchain’s Rapid Growth and Ecosystem Swellchain operates as a restaking-focused Layer 2 network built on the OP Stack. The network extends Ethereum security through EigenLayer restaking while leveraging OP stack-proven infrastructure for transaction processing and scalability. S…

Reasons for the decision

• Swellchain’s rapid growth and ecosystem
• High demand for wstETH
• Deploying wstETH on Swellchain 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

• Access Swellchain’s expanding ecosystem with wstETH
• Use wstETH across multiple DeFi projects, including Ambient and Euler
• Unlock restaking opportunities with wstETH on Swellchain

Mainnet deployment contracts

Add Swell chain mainnet addresses

Ethereum (L1) part

• L1ERC20TokenBridge: 0xecf3376512EDAcA4FBB63d2c67d12a0397d24121 (proxy)
• L1ERC20TokenBridge: 0x7e97935FbDF2a27EA35c4fdDdaCf5ACd685e65A2 (impl)

Swellchain (L2) part

• WstETH ERC20Bridged: 0x7c98E0779EB5924b3ba8cE3B17648539ed5b0Ecc (proxy)
• WstETH ERC20Bridged: 0xa1A3257813eD45d91e9c45E03C66FcDD54B4e7c1 (impl)
• L2ERC20TokenBridge: 0x8311496799B8C2C7f13bC32c123ac4Eea068e6F0 (proxy)
• L2ERC20TokenBridge: 0x66ca84bC3C2dB33b6bd7B8994C033444C72b8ADE (impl)
• Governance BridgeExecutor: 0xFF22ea467301010F1364fc154c13e0c86Fcfb077

Audit reports

• Governance Crosschain Bridges: audits/L2/Governance-Crosschain-Bridges-2022-08-Oxorio-Audit Report.pdf at main · lidofinance/audits · GitHub
• wstETH Token Bridge: audits/L2/Lido-L2-2022-07-Oxorio-Smart-Contracts-Security-Audit-Report.pdf at main · lidofinance/audits · GitHub
• Report on Swellchain Staking from MixBytes
• Report on Swellchain pre-deposits from Hexens

Third-party deployment verification

• Zenith verification report to bring wstETH to Swellchain: https://github.com/zenith-security/reports/blob/main/reports/Swell - Zenith Audit Report.pdf

QA test results for the bridge

The bridge functionality at SuperBridge has been successfully tested for wstETH

Next steps if there are no objections

• Launch UI for wstETH on Swellchain on the Lido Multichain Page for better 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

• Approve
• Reject