By introducing native ETH and wstETH transfer software to the platform, Wormhole has changed the movement pattern of ETH and wstETH across numerous EVM-oriented networks. This will facilitate achieving greater liquidity and cost efficiency.
Based on Uniswap v3, this new feature will revolutionize the transfer of ETH and wstETH across different EVM-based networks, making it more efficient and liquid than ever. On the destination chain there are transfers without gas. It is exceptionally intuitive to use.
Each blockchain includes a single xETH/wETH pool that facilitates transactions between wrapped (local) ether and xETH (wormhole ether). Since the pool operates as a standard Uniswap v3 pool, all participants are encouraged to use their preferred method of providing liquidity. Liquidity is concentrated in the center. However, LPs impose distinct burdens in the form of costs.
When ETH is transferred from Optimism to Base, it is first exchanged for Wormhole xETH on Uniswap. Subsequently, the xETH is reassigned to Base and the ETH is exchanged again for conventional ETH Base on Uniswap.
All this is provided at the lowest possible price. The user initiated the transaction using standard ETH on Optimism and concluded it using standard ETH on Base, which offered greater acceleration and reduced transaction fees.
Optimism, Base, BNB Chain, Avalanche, Polygon, and Ethereum are now all set to facilitate native-to-native ETH transfers upon launch. Ethereum, Arbitrum, Optimism, Polygon, and Base all support native to native Lido transactions wstETH.
Wormhole is the leading interoperability platform that enables scalable bridges and multichain applications. Wormhole offers developers the opportunity to establish connections with liquidity and consumers across over thirty major blockchain networks.
This generates applications across DeFi, NFTs, governance and more. The expanded wormhole network is used by both Circle and Uniswap and is reliable. He is credited with facilitating the transfer of over $35 billion through the use of over 900 million cross-chain messages.