Support wstETH as collateral on Venus Protocol BASE Core Pool

Summary:

Lido contributors would like to propose the addition of wstETH to Venus Protocol as a core market on Base.

Motivation:

Lido’s wstETH is the leading LST on Base with 45k wstETH in bridged TVL at time of writing.

By bringing wstETH to Venus on Base, users will be able to take advantage of wstETH as collateral and loop it with either ETH or their LRTs of choice.

Benefits:

Adding wstETH as collateral will give existing wstETH users additional utility via Venus Protocol on Base, helping grow Venus’s deployment and instantly give Venus a community of active users for their platform. The addition of using a reward bearing collateral asset like wstETH increases capital efficiency and lending use cases for Venus Protocol. The addition of wstETH enables both Lido and Venus to support each other’s growth on Base.

About Lido Lido.fi is a decentralized liquid staking platform behind stETH & wstETH that allows users to participate in Ethereum staking to earn ETH rewards without sacrificing liquidity. Website: https://lido.fi/ Twitter: x.com Discord: Lido

Specifications

Contract Addresses:

wstETH: 0xc1CBa3fCea344f92D9239c08C0568f6F2F0ee452

Oracle & Price Feeds: Chainlink Oracle