Lido Finance V2 Now Allowing Withdrawal Of Ether Staked

Key Points:

• The Lido Finance staking protocol has upgraded to version V2, allowing large ETH withdrawals after the Shanghai event.
• The switch to V2 was approved by an on-chain vote, with community members discussing on the idea.
• A total of 270,000 ETH staked will be opened for withdrawal without waiting too long.

Lido Finance, Ethereum’s biggest liquid staking platform, has updated to version 2 with a crucial feature that allows users to withdraw Ether from the site.

The upgrade to version 2 was approved by an on-chain vote after community members deliberated on the idea. The governance vote number 156, which was launched on May 12, was validated on the Aragon platform today.

With the upgrade to V2, a total of 270,000 ETH staked will be opened and withdrawn without delay. The vault will continue to deliver ETH even after this ETH is emptied. According to Lido, this implies that investors will have a better probability of obtaining their ETH within the first three days after unlocking.

At 1:15 p.m. EST today, the vote to approve the update was completed. The change comes on the heels of last month’s Shapella hard fork, which enabled staking validators to withdraw ether. Due to repeated security checks, Lido needs an additional month to permit withdrawals.

Lido Finance is a market leader in liquid staking solutions, with the total asset worth of investors reaching over $12 billion. After the Shanghai event, the protocol experienced an increase in ETH staking, hitting the 6 million ETH threshold.

The essential feature of Lido V2 allows liquid staking customers who own staked ETH (stETH) to withdraw from Lido at a 1:1 ratio. This advancement simplifies the mechanism by which anyone may join and depart Ethereum’s liquid staking.

stETH holders may now seek a withdrawal starting today. Upon the submission of the requests, an oracle will determine which Lido operators need exit validator nodes to fulfill the request. The operators will then send a validator exit request to an Ethereum mainnet consensus node. stETH holders may collect their ETH after the appropriate validators have gone.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

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