Lido V2 Update: Withdrawal Key-Rotation Ceremony Completed

Key Points:

• Lido V2 completed a key rotation ceremony for its withdrawal credentials, enabling partial and complete withdrawals after the Shapella hard fork.
• The ceremony involved signing withdrawal credential messages from 0x00 to 0x01, which will be broadcasted after the hard fork is live.

Lido V2 completed a key-rotation ceremony for its withdrawal credentials, allowing for partial and full withdrawals to be completed after the Shapella hard fork.

Lido has completed a key rotation ceremony for its withdrawal credentials. The ceremony involved signing all withdrawal credential messages, from 0x00 to 0x01, and these messages are now ready to be broadcasted to the Ethereum network after the Shapella hard fork on April 12th.

Back in December 2020, the dc4bc project enabled a group of reputable Ethereum builders to perform a distributed key generation (DKG) ceremony using threshold signatures, allowing for the threshold signature-based generation of the BLS 0x00 withdrawal credentials used by the first 18,632 Lido validators spun up prior to July 2021.

With Ethereum withdrawals on the horizon, these credentials needed to be rotated from 0x00 to 0x01, as the former must be migrated to the latter before partial and full withdrawals can be completed. This rotation is enabled by the Shapella hard fork.

However, using the original dc4bc software to create 18,632 signatures would have been a cumbersome and error-prone process. Therefore, contributors made tweaks to the software to enable batch-signing functionality, which was audited by Sigma Prime. The audit found no critical or high-priority issues, and 8 fixes were made in total.

The first rotation message was successfully signed and verified by a node 2.5 weeks ago, and as of last Friday, all 18,632 messages have been signed and validated. However, the messages will only be broadcasted to the network after the Shapella hard fork, meaning that the rotations will not occur until after the fork is live. Once the hard fork is complete, all Lido validators on Ethereum will be using 0x01 withdrawal credentials.

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