wstETH is Now Live on Exactly Protocol’s Optimism Markets
We are thrilled to announce that we have incorporated the wstETH market on Optimism. This means that our users can make deposits and take borrows at fixed and variable interest rates using wstETH on Optimism.
What Exactly is wstETH?
For those unfamiliar, stETH is a token that represents staked ETH in Lido. stETH tokens are minted upon deposit and burned when redeemed, maintaining a 1:1 ratio with the ETH staked by Lido. However, in order to enable users to engage with on-chain lending protocols using stETH, Lido has introduced wstETH, a DeFi-compatible version of stETH.
Lido’s wrapped stETH (wstETH) is stETH which is deposited into the stETH wrapper to create a new token called wstETH. This new token creates a DeFi-compatible version of stETH, allowing easier integrations with DeFi protocols, like Exactly.
By leveraging wstETH, users gain access to a fundamental building block in the Ethereum money-lego stack. They can stake their ETH to support transaction validation and network security, all while simultaneously participating in on-chain lending protocols utilizing wstETH.
wstETH on Exactly Protocol
As a lending and borrowing protocol that offers fixed and variable interest rates, we believe in democratizing the credit market by bringing the benefits of DeFi to people everywhere, empowering individuals and communities worldwide to access fair and transparent credit opportunities.
Aligned with the Web3 values, we at Exactly Protocol embrace decentralization, composability, and interoperability. We are therefore delighted to announce the integration of wstETH into our Optimism markets, realizing the vision of an interconnected and inclusive DeFi ecosystem.
By incorporating wstETH on Optimism, our users can now deposit and borrow wstETH at both fixed and variable interest rates for the first time in DeFi.
More news soon! 🤫
