Introduction
The Lisk team proposes to deploy Lido wstETH ERC20 token and relative bridging contracts on the Lisk L2. The deployment would be done according to the guidelines given in GitHub - lidofinance/lido-l2 for Optimism and following other related proposals for other L2s built on the Op stack. If this temperature check is successful, after the testnet deployment, an official governance proposal will be created to move administrative rights over the bridge to the Lido DAO.
Lisk’s mission and goal
Lisk recently transitioned to become an Ethereum Layer 2, leveraging the OP Stack and Gelato’s Rollup-as-a-Service to integrate with the Optimism Superchain. The testnet has been launched in Q1 2024, while the developer mainnet and public mainnet are planned for Q2 and Q3 2024 respectively.
Lisk’s mission is to provide Web3 builders with the most attractive ecosystem to realize their products focused on real-world use cases in emerging markets.
In preparation for the launch, Lisk has deepened its relationships within emerging markets by securing government contracts and specific incubation programs with respected partners on the ground that will have as a goal providing the underlying developer platform, mentorship, and initial grant funding to Web3 startups.
Synergies between Lido and Lisk
Reward generating tokens create new opportunities for users to gain passive income without compromising on the ability to participate in DeFi protocols and in general interact with the blockchain. In this sense, we want to make the UX for using reward generating tokens as seamless as possible. To achieve this, we plan to integrate a swap-and-bridge functionality to our bridge portal that allows users to swap ETH for wstETH before bridging to Lisk. Furthermore we will implement the tools necessary to pay transaction fees with wstETH rather than ETH.
We believe that Lido and Lisk will mutually benefit from this integration: On one hand, by integrating Lido reward generating tokens, Lisk users will get access to the biggest staking pools; On the other hand, Lido will get access to users from emerging markets.
Lido deployment on Lisk
Like other L2s that already deployed Lido contracts, Lisk is built with the Optimism stack. Because of this, integrating wstETH on Lisk will take advantage of the experience acquired by these projects.
We propose to deploy the wstETH ERC20 token on Lisk following the steps indicated in GitHub - lidofinance/lido-l2 for Optimism. In particular, the Lisk team will:
- Deploy the wstETH contract on the Lisk L2 and the relative L1 and L2 standard bridge contracts on the Lisk Sepolia testnet;
- If the deployment audit and security checks are successful, proceed with the deployment on the Lisk mainnet;
- Create a snapshot proposal to transfer administrative rights over the bridge contracts (in particular the BridgingManager contract) to the Lido DAO;
- If the proposal is accepted, integrate a swap-and-bridge mechanism to the bridge UI to allow users to easily swap ETH to wstETH before bridging to the Lisk L2.
References
Lisk on L2beat: Lisk – L2BEAT
Related proposals: