9 protocols criticize LayerZero’s wstETH token, claiming it’s ‘proprietary’

A brand new bridged token from cross-chain protocol LayerZero is drawing criticism from 9 protocols all through the ecosystem. A joint assertion from Connext, Chainsafe, Sygma, LiFi, Socket, Hashi, Throughout, Celer and Router on Oct. 27 referred to as the token’s normal “a vendor-locked proprietary normal,” claiming that it limits the liberty of token issuers.

The protocols claimed of their joint assertion that LayerZero’s new token is “a proprietary illustration of wstETH to , BNB Chain, and Scroll with out help from the Lido DAO [decentralized autonomous organization],” which is created by “provider-specific methods […] basically owned by the bridges that implement them.” Because of this, it creates “systemic dangers for tasks that may be robust to quantify,” they said. The protocols advocated for the use of the xERC-20 token normal for bridging stETH as a substitute of utilizing LayerZero’s new token.

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