Wormhole x Axelar | Lido Bridge: Implementation for wstETH on BNB Chain

Proposals
7

Thank you @DeFiYaco @TheDZhon and @ujenjt for your thoughtful comments on our proposal! Regarding some of the questions you all raised:

  • Governance & Ownership: Cross-chain governance will be achieved with the proposed design (see the “Cross-Chain Governance” section). We are planning to prioritize the transfer of contract ownership to the Lido DAO as soon as safely possible after deployment. We are aware of, and have been inspired by, other innovative cross-chain architectures such as a.DI.
  • Fees: This solution will not have any bridging fees at the base messaging layer. However, users can opt for their messages to be automatically relayed from ETH to BNB (or vice-versa) by paying up front on the source chain in native gas. Those relaying fees would vary based on the delivery providers that users select.
  • Token Standard: wstETH on BNB would be a standard ERC20Burnable token, which the BridgeManager contract is able to mint and burn. The token can also support standards such as ERC-2612/1271 if the Lido DAO determines that is important.
  • Additional Features: If deemed critical, additional features such as emergency pauses and passing additional calldata can be considered for the initial launch. Importantly, the bridge is upgradeable via governance and new features can be added by the Lido DAO.

Thank you as well @Arjun_Chand for your proposal. We are reviewing the design and will circle back with our comments.

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