- Lido DAO has announced that it will be holding a final vote soon on the Lido V2 upgrade.
- ETH worth half a billion dollars is set to be released.
- Lido confirms that ETH withdrawals will be made quickly.
the Ethereum The Shapella upgrade that enabled stack ETH (stETH) withdrawals has only one final puzzle. This puzzle is lido.
the biggest liquid freezing Derivatives (LSD) protocol has set a date to enable withdrawals, with half a billion dollars worth of ETH set to enter the market.
Lido DAOThe protocol’s governing body shared on Twitter on Tuesday that it plans to enable restricted ETH withdrawals next week.
DAO said the final vote for the Lido V2 upgrade is set for May 12. The vote will last three days, and if there are no last-minute changes and the vote is successful, the Lido will enable withdrawal on May 15th.
There is about 270,000 ETH, worth $500 million at the current ETH price of $1,844, locked in Lido smart contracts. After the upgrade, hackers who bet with Lido will be able to exchange StETH back for ETH for the first time since the Beacon Chain launched in December 2020.
Lido confirmed that withdrawal requests are “likely to be processed more quickly within the first three days.”
Lido allows users to share as little as 32 ETH and is the most popular staking service on the market. according to data From Nansen, Lido currently holds more than 6.1 million ETH deposits. stETH is the eighth largest cryptocurrency market cap Almost 12 billion dollars.
the Shabella upgrade Posted on the Ethereum mainnet on April 12th, it enabled Ethereum validators to either withdraw all or part of the pegged ETH. The pull queue has been actually cleaned up, with beaconcha.in Showing only one validator looking to exit staking.
on the flip side
- The 270,000 ETH currently locked in Lido smart contracts can fluctuate. However, it is unlikely that there will be an exodus of stETH holders as Lido saw deposits increase following the Shapella upgrade.
Why should you bother
Lido is the largest staking provider in the market. Lido holders will now finally be able to exchange StETH for ETH.
Read more about the accumulated ETH deposits reaching an all-time high:
ETH withdrawals are dwindling as deposits are at an all-time high
Read more about Ethereum The withdrawal queue drops to 0:
The Ethereum withdrawal queue drops to 0 as the community finishes PoS