Exciting times ahead! Following LayerZero’s proposal to bring wstETH to BNB, ProRel and NEW contributors are gearing up to make it happen. Here’s a more laid-back breakdown of what’s cooking:
To keep things structured, I’m laying out the suggested plan for the BNB expansion process.
Timeline: Proposals posted to the forum will be considered until December 5th (2 weeks from now). It doesn’t mean the NEW won’t consider proposals after, but for these, we can’t guarantee bandwidth for the review.
Throughout December and the first half of January, we’re keeping the door open for community feedback.
Now, for BNB, the plan is to go with a 2-step governance process:
Temperature Check Vote (January): Running a poll-based vote with a shortlist of proposals that received positive feedback in December and January. This will help identify the most supported team to kick off development (if not already started).
The vote is planned to be a temp-check, exact rules to be discussed elsewhere;
The testnet deployment is nice to have, but not required ;
Audits aren’t required strictly but highly desired;
Formal Acceptance (February/March): The outcome is DAO’s recognition of a single wstETH denomination on BNB to be called canonical.
Requires the testnet and mainnet deployment;
Up-to-date audits by the reputable company (or multiple);
Review and verification by the NEW and assigned external security research team (organized by the NEW);
The exact Snapshot proposal structure for the “Formal Acceptance” is to be defined after the conclusion of the “Temperature Check Vote”.
The voted in approach for BNB might be suggested for expansions to other non-L2 networks.
For Ethereum L2 network expansions, the NEW still prefers the usage of native bridges. The process for formal acceptance does not change (requires a formal acceptance snapshot proposal → 1 step)
Remember, these timelines aren’t set in stone and will adjust based on how things play out depending on the proposal quantity, complexity, audit slots, and other factors. So, stay tuned, get ready to share your thoughts, and let’s make wstETH on BNB a reality together!