Lido Finance integrates stETH into BNB Chain, marking its first cross-chain move. The integration uses Axelar and Wormhole to bridge $23 billion in TVL to BNB. Lido remains a leading DeFi protocol with $25.94 billion TVL and one million validators.

In a landmark decision, the Lido Finance community has voted to integrate its stETH (Staked Ethereum) into the BNB Chain. This move, finalized on August 9 through an on-chain vote by the Lido decentralized autonomous organization (DAO), marks the first time Lido has connected to a layer-1 blockchain outside of the Ethereum ecosystem. The approved integration will utilize Axelar and Wormhole as the canonical solutions to bridge stETH to the BNB Chain. Lido seeking to expand its utility within DeFi This significant development allows Lido’s total value locked (TVL) to interact with one of the top five chains by TVL, expanding its reach and utility in the decentralized finance (DeFi) sector. Lido Finance remains a dominant player in the Ethereum staking market, holding a substantial 28.2% share of net ETH deposits. Despite a slight dip earlier in the year, Lido’s position as a leading staking platform is reinforced by its extensive validator network, which reached one million in April 2024. This growth underscores the platform’s vital role in the DeFi ecosystem and its impact on staking services. The DeFi landscape has seen significant contributions from liquid staking protocols like Lido. Unlike traditional staking, which locks funds for a set period, liquid staking enables users to earn yields while retaining the flexibility to move or trade their staked assets. For Lido, this process involves depositing ETH to receive stETH, a token that accrues interest and can be redeemed at an approximate 1:1 ratio with the underlying asset. According to DefiLlama data, Lido’s liquid staking protocol commands a remarkable $26.227 billion of the total $83.782 billion in the DeFi ecosystem, solidifying its position as the largest DeFi protocol. This integration into the BNB Chain is expected to further enhance Lido’s influence and operational scope within the DeFi space.

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Bybit extended its DMCC partnership, transitioning to an advisory role from August 2024. Bybit and DMCC to co-organize a global hackathon and a flagship conference. Over 20 startups were supported by Bybit in Dubai’s dynamic crypto ecosystem last year.

Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has announced the extension of its strategic partnership with the Dubai Multi Commodities Centre (DMCC). The collaboration has already seen significant achievements over the past year and its extension marks a new phase as Bybit transitions from a key ecosystem partner to an advisory role.

The extended partnership will run from August 2024 to July 2025 and aims to further strengthen Dubai’s position as a global hub for cryptocurrency and Web3 innovation. Bybit will be DMCC’s ecosystem and advisory partner In its new capacity as a DMCC Ecosystem and Advisory Partner, Bybit will provide strategic guidance to the DMCC Crypto Center and its members. Acknowledging the new advisory role, Chief Operating Officer at Bybit, Helen Liu, said that the company is honoured to be the first organization appointed to this advisory role by DMCC and that they are excited to leverage their expertise to drive innovation and support the growth of the industry in Dubai. This shift underscores Bybit’s commitment to fostering the growth and development of the region’s crypto industry. By leveraging its deep industry expertise, Bybit aims to shape the future of Dubai’s burgeoning Web3 sector. To enhance Dubai’s standing as a leading global crypto hub, Bybit and DMCC have planned two major industry events this year. A global hackathon will be organized to nurture innovation by supporting developers in building Web3 projects. Additionally, a flagship conference will bring together industry experts and key opinion leaders, positioning Dubai as a centre for thought leadership in the crypto space. Over the past year, Bybit has played a crucial role in Dubai’s crypto ecosystem, actively supporting and advising over 20 startups. Their initiatives included a $100,000 prize pool hackathon, a masterclass for aspiring entrepreneurs, and a high-profile side event at Token 2049. These efforts have helped numerous startups establish a foothold in Dubai’s dynamic crypto landscape.

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