Liquid staking protocol Lido announced the deployment of $wstETH on Polygon. This is the third step of the "Lido on L2" expansion plan, with Polygon becoming the third Layer2 network after Arbitrum and Optimism that supports Lido's $ETH liquid staking derivative (LSD).
Lido said that the decision was made based on parameters including network TVL, DeFi activity, security and the presence of many long-term Lido partners. Lido chooses $wstETH, the wrapped version of $stETH, as the $ETH LSD on Polygon, which is also used on Arbitrum and Optimism.
Users can now bridge $wstETH to Polygon via Polygon's official bridge. In addition, multiple Polygon-based DEXs have integrated $wstETH, such as Balancer, Kyber Network and Beefy. Lido, Polygon and Kyber Network will provide liquidity incentives to grow the use of $wstETH across Polygon.
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Liquid Staking Derivatives (LSD)