Lido rallies 12% as it enables staked Ethereum withdrawals

Liquid staking protocol Lido (LDO) finally enables staked Ethereum (ETH) withdrawals after the implementation of the community-backed V2 upgrade.

protocol announced The development took place on May 15th and is undergoing final checks, so users should pay attention, he said.

Voting for the upgrade began on May 12 and there was no resistance as all 59.5 million tokens involved in the vote supported the upgrade.

Lido V2 Upgrade

Lido V2 upgrade It allows users of decentralized staking protocols to withdraw their staked ETH locked on the platform. The upgrade he completed in February, but he still needed DAO approval to fully deploy on the Ethereum mainnet.

“The implementation of withdrawals combined with the staking router proposal contributes to the increased decentralization of the network, a healthier Lido protocol, enables the long-awaited ability to stake and de-stake freely, and stETH as the most composable, powerful and useful asset on Ethereum.”

The V2 upgrade further decentralizes the protocol with the introduction of staking routers. This is a controller contract that enables more node operators and a more diverse set of validators through the introduction of additional modules.

Multiple cryptocurrency analysts predict that the upgrade could lead to a restructuring of multiple liquid staking protocols.sour I got it Withdrawal may lead to “”It’s been two weeks since the deposit queue was already filled and there is nothing, so the total amount of Ether staked is continuously and gradually increasing. withdrawal sign. “

Meanwhile, Lido is currently the leading liquid staking protocol, with over 6.2 million ETH staked through its platform. According to Nansen, Dashboardthat control 79.5% of the liquid staking market.

Withdraw $7,000 ETH

Blockchain analytics firm Arkham Intelligence reported that around 3.6 ETH (around $7,000) had been withdrawn since Lido enabled withdrawals on its platform.

The company added:

“We hope these unprecedented events do not adversely affect the market.”

Meanwhile, Lido protocol developer pshe.eth, Said Someone front-ran an execution transaction to get the first Lido withdrawal NFT.

LDOs up 12%

Following this news, Lido’s LDO token has risen by around 12% over the past 24 hours, trading for $.According to 2.16253 at the time of writing the article of crypto slate data.

LDO token has seen some gains over the past week, up 26%. However, its value has fallen by 15% since the Shappella upgrade took effect, and the total value of the assets locked in the protocol has been reduced to that of his Frax Ether and Rocket Pool (RPL), both of which recorded double-digit profits. ), down 2% compared to rivals such asAccording to Defilama data.

The post that Lido rose 12% to enable staked Ethereum withdrawals first appeared on CryptoSlate.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button