Lido shares an update on the swipe switch spin via CoinEdition

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“Totally Untrusted Protocol”: Lido shares update about pulling the rotation switch
  • Lido aims to become fully decentralized and taking steps towards self-incubation.
  • There is no significant increase in the value of LDO tokens despite the significant development.
  • Lido updated on the process of opening and withdrawing the ETH stack and fixed eight issues.

The latest announcement from Lido addressed the platform’s move toward decentralization and self-guarding, which was a response to previous concerns about its centralization. The update outlined the steps Lido must take in order to become a fully untrusted protocol, with spinning the pull switch being the first step.

The update provides a breakdown of each step and its importance to the protocol path. Despite this significant development, there does not appear to be a significant increase in the value of the token.

The latest update from Lido included information about the process of unlocking and unlocking ETH before July 2021. The update outlined the steps that will be taken to ensure the process is smooth.

Supply in smart contracts vs. conversion rate

Additionally, the update said that eight issues have been resolved, and there were no major issues to report. Lido also mentioned that messages regarding these changes will be shared after the Shapella hard fork.

LDO smart contract supply decreased slightly from 45.74% to 45.09% in mid-March, while transfer rates increased slightly. Despite the bullish week in the cryptocurrency market, LDO price remains weak, trading at a discount from the weekly high.

The coin also struggled to stay above the 50-day moving average and lacked strong momentum due to low investor interest. Exchange inflows and outflows decreased, but outflows still exceeded inflows. Low trading volumes indicate low whale activity, and the uncertainty surrounding restricted funds being sold may discourage accumulation.

“Fully Trustless Protocol” post: Lido’s post update about pulling a spin switch first appeared in the Coin version.

See the original on CoinEdition



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