Beefy Brings wstETH Lido Vaults to Arbitrum And Optimism
Beefy Brings wstETH Lido Vaults to Arbitrum and Optimism
Beefy Brings wstETH Lido Vaults to Arbitrum and Optimism. The Beefy has launched four new wstETH Vaults across Arbitrum and Optimism for users to earn optimized rewards. These new yield opportunities are made possible through Lido, a liquid staking protocol for a selection of crypto assets across different blockchain networks.
Lido works to unlock the value of your staked and locked assets with transferable, yield-bearing tokens. Creating this liquidity allows the user to transfer, stake, and collateralize the locked asset’s value.
stETH is a transferable token provided to users who stake ETH in Lido. Its value represents the initial ETH deposit’s value plus staking rewards. Your stETH token is rebasable, meaning your balance updates daily in line with the current ETH staking APR. As the token is transferable, it can be used in a variety of other DeFi applications to extract more value. However, not all DApps are operable with stETH due to its rebasable nature.
Lido’s wstETH is a wrapped version of stETH. It avoids the rebasability issue by using a share system instead, meaning the balance of wstETH in your wallet doesn’t change. By wrapping stETH, you’ll then be able to stake the token in protocols like Beefy.
Beefy’s new wstETH Vaults provide four earning opportunities across Arbitrum and Optimism:
- wstETH-ETH on Arbitrum
- wstETH-USDC on Arbitrum
- wstETH-ETH sLP on Optimism
- Lido Shuffle on Optimism
- Yellow Submarine, Our Yield Machine on Optimism
About Lido Finance
Lido is a liquid staking solution for ETH backed by industry-leading staking providers. Lido lets users stake their ETH – without locking assets or maintaining infrastructure – whilst participating in on-chain activities, e.g. lending.
About Beefy
Beefy the Decentralized, Multi-Chain Yield Optimizer platform that allows its users to earn compound interest on their crypto holdings.
Through a set of investment strategies secured and enforced by smart contracts, Beefy automatically maximizes the user rewards from various liquidity pools (LPs), automated market maker (AMM) projects, and other yield farming opportunities in the DeFi ecosystem.
The main product offered by Beefy its ‘Vaults’ in which you stake your crypto tokens. The investment strategy tied to the specific vault will automatically increase your deposited token amount by compounding arbitrary yield farm reward tokens back into your initially deposited asset. Despite what the name ‘Vault’ suggests, your funds are never locked in any vault on Beefy. You can always withdraw at any moment in time.
