As you know, Lido wstETH has the overwhelming market share of staked ETH and can be used interoperably in DeFi. Therefore, major ecosystems such as zkSync have significant demand for wstETH as it opens up opportunities for users to utilize stETH holdings in various DeFi protocols.
Matter Labs officially proposed the deployment of wstETH to zkSync with the ultimate goal of transferring ownership of the wstETH bridging components to the Lido DAO. As the first step toward this vision, the txSync team, in collaboration with MatterLabs and Lido team, undertook the challenge to design, implement and deploy the canonical wstETH bridge between Ethereum (L1) and zkSync (L2) networks.
zkSync is a fifth L2 integration for Lido, and on the txBridge you can enjoy the benefits of staking ETH without sacrificing liquidity, security or decentralization, while also saving on gas fees and transaction times.
To bridge your wstETH to zkSync, follow these steps:
The bridging process takes approximately 15 minutes after which your wstETH will be available on zkSync. If you have any questions or experiencing any issues, feel free to join our Discord channel.
Note: When doing a withdrawal, after the transaction is processed you will need to claim the token to receive it in your wallet. After confirming the transaction, you should wait approximately 24hrs, in order to claim your transaction on the bridge. To do that visit: https://portal.txsync.io/bridge/ where you will have wstETH tab as bellow in the picture:
To enable Lido's integration with zkSync, it is essential to enable the transfer of their token onto the zkSync platform. This was achieved by creating and implementing advanced bridging smart contracts that support deposit and withdrawal functions, and seamlessly integrating these contracts with our txPortal and txBridge UI.
This approach allows for efficient and secure token transfers across different blockchains.
As the zkSync ecosystem continues to evolve, we're at the forefront of embracing these changes, bringing you the latest in DeFi innovation. The integration of wstETH is just the beginning!
➡️ To bridge your wstETH to zkSync: portal.txsync.io/bridge
➡️ For tutorials & instructions: help.lido.fi
➡️ Support: txSync Discord
➡️ Guide: Bridging wstETH to zkSync
➡️ Forum: wstETH Deployment on zkSync
*This article is also published on txFusion Medium channel.