Venus Protocol introduces liquid staked ETH pools on networks

Venus Protocol has introduced Liquid Staked ETH pools on Arbitrum (CRYPTO:ARB), Ethereum (CRYPTO:ETH), and BNB Chain (CRYPTO:BNB).

This development aims to enhance the platform’s offerings by providing users with more collateral options and increased liquidity for borrowing and lending. 

The initiative follows the approval of VIP-363, which introduced markets for WETH (CRYPTO:WETH), wstETH (CRYPTO:WSTETH), and weETH (CRYPTO:WEETH) across these networks.

According to Venus Protocol, the use of Lido’s wstETH and ether.fi’s (CRYPTO:ETHFI) weETH as collateral on Ethereum reflects the growing demand for these assets. 

On the BNB Chain, users can supply assets for borrowing while earning rewards. 

The protocol also allows for yield strategies like recursive staking, enabling users to borrow ETH and loop their staked ETH assets for additional benefits.

“We are committed to scaling DeFi to meet the evolving needs of the community,” said Brad Harrison, Head of Venus Labs. 

He further noted that the introduction of Liquid Staked ETH pools across various networks is intended to provide diverse solutions for users.

Liquid Staking Tokens (LSTs) represent staked assets, offering flexibility for users to earn staking rewards while maintaining liquidity. 

This feature provides additional opportunities within decentralised finance.

Mike Silagadze, CEO of ether.fi, added, “This integration highlights the demand for liquid staking solutions and how protocols are utilizing these assets to create new opportunities for users.”

At press time, the Arbitrum price was $0.6235, the Ethereum price was $2,630.55, and the BNB price was $598.69.