Liquid staking protocol Lido (LDO) has set a May target for staked Ethereum (stETH) withdrawals.
Protocol explained that its timeline was affected by an ongoing audit of the V2 platform.
Lido spent $1.2 million on seven audits
In a March 14 Twitter thread, the DeFi protocol said it spent $1.2 million on seven audits of its Lido V2 platform. These audits are intended to fix vulnerabilities that impede protocol performance.
“$1.2 million has been spent on seven V2 audits, the results of which will be made public when completed.”
The protocol has tweeted that it has identified and fixed several issues revealed by these audits, and its updated contracts are being tested on the Zhejiang testnet.
These audits and fixes affected withdrawal schedules for Ethereum staked on the platform. According to the protocol, that upgrade will be shifted to next week, after which he will have a 3-4 week gap in implementing and testing validator exits.
Lido Said:
“stETH withdrawals will not start on the mainnet until all audits regarding the on-chain code are completed (expected by the end of April). Adding an additional two weeks as a safety margin, our current estimate is Withdrawals are expected to start around mid-May.”
Goerli testnet processes stETH withdrawals
Meanwhile, the Shapella hard fork of the Goerli testnet happened on March 14th, allowing validators to withdraw their assets.
The hard fork happened around 10:26 UTC in epoch 162304, but due to low validator participation, it wasn’t finalized until 15 epochs later.
Ethereum developer Tim Veiko said the fork of Ethereum mainnet should be seamless, blaming the lack of commercial value of Goerli ETH for the delay in finalization.Beiko Added:
“Another possible cause is the large number of withdrawal credential changes that have been processed at the fork. There are many more, and blocks/authentication can be lost on nodes with less resources.”
On the other hand, concerns among cryptocurrency investors that the Shanghai upgrade will increase ETH selling pressure have eased. The Ethereum Foundation Upgrade restrictions The number of validators that can remove staking deposits and rewards daily is between 1,125 and 2,200.
“The amount of activations is proportional to the number of active validators.”
In addition, validators must manually update their credential prefix to 0x01 and set their preferred withdrawal address.
These processes limit withdrawals to around 60,000 ETH per day and ensure that all staked ETH will take months to withdraw.
