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Beefy Brings wstETH Lido Vaults to Arbitrum and Optimism

October 11, 2022

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Tuesday, October 11, 2022 – 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.

“Liquid staking gives access to validator yields that otherwise would require locking assets for an indeterminate amount of time.” notes Weso, Beefy's Head of Strategic Partnerships and Developer Operations.

“With staked ETH’s value now available to use across even more blockchains, our Lido Vault work has created a basket of new yield-earning opportunities.”

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:

  1. wstETH-ETH on Arbitrum
  2. wstETH-USDC on Arbitrum
  3. wstETH-ETH sLP on Optimism
  4. Lido Shuffle on Optimism
  5. Yellow Submarine, Our Yield Machine on Optimism

About Beefy

Beefy is 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 is 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.

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