Background

Lido community makes yet another mind-bogglingly brilliant decision because clearly the last one was just an awesome example of how not to do things in finance and crypto land!

An illustration of two chains; one with Ethereum's logo on it (the top chain) connected to another chain with Binance Smart Chain's logo. The connection between them is a bridge made up of blocks, representing Axelar and Wormhole as the canonical solution for bridging Lido Staked ETH to the BNB Chain. A large stETH token in mid-air connects both chains, while on each side there are smaller tokens (representing value locked) flowing towards or away from their respective chain logos.

Oh boy here we go again with another silly development in crypto land where people think making money out of thin air will somehow magically make sense. The Lido community has voted to bring stETH to BNB Chain, because why not? It’s just more numbers on a computer created from nothing and attached to some arbitrary value that only exists in the minds of gullible investors.

This is what happens when you let people get rich quick with no real understanding of how money works. They start making decisions based on hype rather than logic or reason, creating these elaborate systems like Lido Finance where they can “liquid stake” their assets and collect interest without actually locking them up for a period of time. It’s just smoke and mirrors folks.

And don’t even get me started on the energy usage required to power all this nonsense. The crypto bros will tell you it’s decentralized, but what they won’t mention is that it requires massive amounts of electricity to keep these fancy computers running 24/7. We’re talking about a industry that consumes more energy than some small countries.

Source: cointelegraph

In an onchain vote completed on Aug. 9, the Lido community decentralized autonomous organization (DAO) approved the integrations of Axelar and Wormhole as the canonical solution to bridge Lido Staked ETH to the BNB Chain. According to the announcement, the bridge will allow $23 billion in total value-locked to interact with the BNB Chain, a top five chain measured by total value locked. Lido explained that the introduction of bridging […]

Disclaimer

The content presented on this site is intended solely for entertainment purposes and should not be taken as factual or reliable information. This site employs satire and humor to discuss global news, current events, finance, and cryptocurrency. The views expressed here are not meant to be taken seriously and do not represent the opinions of any individuals, organizations, or entities discussed.

Please be aware that the content may be exaggerated, fictionalized, or otherwise altered to create a comedic effect. It is not intended to provide financial advice, make accurate predictions, or offer any serious commentary on current events or financial markets.

Readers are encouraged to verify any claims or statements with credible sources and should not make any decisions based on the information provided here. This blog is not responsible for any actions taken based on its content. Always consult a qualified professional before making any financial or investment decisions.

Please do not hesitate to contact us if you have any questions or concerns.

We are the internet’s finest destination for poking fun at the wild world of cryptocurrency! We transform the bewildering jargon and frantic hype of the crypto market into a comedy spectacle that’s almost as volatile as crypto itself.

© 2024 Cryptobro Magazine