- Members of Lido DAO selected a team to develop a cross-chain bridge.
- They also criticized LayerZero.
In October 2023, LayerZero launched a bridge that allows users to move the stETH token to other networks. However, the protocol team launched the platform without waiting for the official consent of the Lido DAO.
The move outraged community members, and some critics statedthat LayerZero tried to pose as an official partner of Lido without the consent of the DAO.
From January 17 to 24, the Snapshot platform hosted vote among members of the Lido DAO community. Participants had to choose a team that would develop a bridge to send wstETH assets to BNB Chain. 81.13% of the votes were cast in favor of LayerZero's two largest competitors – Axelar and Wormhole.
“The Axelar and Wormhole teams decided to collaborate and prepare a joint proposal that actually combines the advantages of both networks in order to achieve high security indicators when moving wstETH from one chain to another,” he said in an interview CoinDesk CEO of Axelar developer – Interop Labs – Sergey Gorbunov.
Let us remember that at the beginning of December 2023, the LayerZero Labs team announced the release of the token and the airdrop in the first half of 2024.