Multiply Your wstETH Today on Oasis.app
On November 16th 2021, as part of the weekly Maker Governance Cycle, MKR holders voted for increasing the debt ceiling of Wrapped Staked ETH to 50 million in the Maker Protocol.
What Does this mean for you?
You can now open a standard or Multiply vault using wrapped staked ETH, or wstETH short, as collateral.
To do so, you will need to wrap your staked ETH yourself on the Lido page and then come back on Oasis.app.
You can get wstETH from stETH or directly from your ETH:
- If you already have stETH, simply connect your wallet, unlock your stETH tokens and press Wrap.
- You can also choose to convert your ETH to wstETH directly. To do this, select ETH on the token drop down. This allows you to save on gas when compared to swapping from ETH to stETH to wstETH.
Alternatively you can swap your ETH for wstETH on our partner 1inch.
In the future we will improve this experience, to make sure you can do all of this directly within Oasis.app. For now, since we heard your voices, we wanted to make wstETH available as soon as possible.
WstETH is a wrapped version of stETH. Due to the nature of Lido, the amount of stETH on your balance is not constant - it changes daily as staking rewards come in. As some DeFi protocols require a constant balance mechanism for tokens, wstETH keeps your balance of stETH fixed and uses an underlying share system to reflect your earned staking rewards.
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16 November 2021