Lido Surges Ahead With Ethereum Upgrade: Revolutionizing Liquid Staking
Key Points:
- Lido upgrades to V2 on Ethereum, driving LDO up 10%.
- Users can now unstake stETH for ETH at a 1:1 ratio.
- Users also receive an NFT for their withdrawal request. Lido holds 80% of liquid staking derivatives on Ethereum, with more than 278,000 ETH withdrawn.
Lido, the Ethereum-based staking provider, recently launched its second version, known as V2. This has caused a rise in the value of LDO, its native governance token, which increased by 10% to $2.15 in the last 24 hours.
The latest version of Lido’s platform allows users to unstake their stETH and receive ETH at a 1:1 ratio. This process usually takes a day for most users if the exit queue on the Beacon chain is empty. However, the maximum time that it might take for a validator to exit and withdraw from the staking queue stands at 5 days and 14 hours, according to data from network explorer Rated.
In addition, Lido has introduced a new feature where users will receive an NFT as an intermediate step between requesting to unstake and claiming their ETH. This NFT represents the user’s withdrawal request and is issued by Lido. It is then burned once the user uses it to claim their ETH rewards. Although the NFT could be listed for trading on Blur and Opensea, Lido marketing lead Kasper Rasmussen has stated that “secondary market activity does not play a role in the withdrawal process.”
Lido holds nearly 80% market share of liquid staking derivatives on Ethereum, according to blockchain analytics firm Nansen. It has already withdrawn more than 278,000 ETH at press time, making it the fourth largest entity by ETH withdrawals, behind crypto exchanges Kraken, Coinbase, and Binance.
Lido has claimed that the new V2 has undergone nine total audits from several firms, such as Statemind and MixBytes. All of these audits have been completed except for the one by Oxorio, which is expected to finish at the end of May.
The switch to V2 is significant because it derisks the entire Lido tech stack, according to Kydo, Vice President of Stanford Blockchain Club. “Today’s events show you can both enter and exit the staking house, which has to derisk the staking experience in some way or another,” Rasmussen added.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Annie
Coincu News
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Lido Surges Ahead With Ethereum Upgrade: Revolutionizing Liquid Staking
Key Points:
- Lido upgrades to V2 on Ethereum, driving LDO up 10%.
- Users can now unstake stETH for ETH at a 1:1 ratio.
- Users also receive an NFT for their withdrawal request. Lido holds 80% of liquid staking derivatives on Ethereum, with more than 278,000 ETH withdrawn.
Lido, the Ethereum-based staking provider, recently launched its second version, known as V2. This has caused a rise in the value of LDO, its native governance token, which increased by 10% to $2.15 in the last 24 hours.
The latest version of Lido’s platform allows users to unstake their stETH and receive ETH at a 1:1 ratio. This process usually takes a day for most users if the exit queue on the Beacon chain is empty. However, the maximum time that it might take for a validator to exit and withdraw from the staking queue stands at 5 days and 14 hours, according to data from network explorer Rated.
In addition, Lido has introduced a new feature where users will receive an NFT as an intermediate step between requesting to unstake and claiming their ETH. This NFT represents the user’s withdrawal request and is issued by Lido. It is then burned once the user uses it to claim their ETH rewards. Although the NFT could be listed for trading on Blur and Opensea, Lido marketing lead Kasper Rasmussen has stated that “secondary market activity does not play a role in the withdrawal process.”
Lido holds nearly 80% market share of liquid staking derivatives on Ethereum, according to blockchain analytics firm Nansen. It has already withdrawn more than 278,000 ETH at press time, making it the fourth largest entity by ETH withdrawals, behind crypto exchanges Kraken, Coinbase, and Binance.
Lido has claimed that the new V2 has undergone nine total audits from several firms, such as Statemind and MixBytes. All of these audits have been completed except for the one by Oxorio, which is expected to finish at the end of May.
The switch to V2 is significant because it derisks the entire Lido tech stack, according to Kydo, Vice President of Stanford Blockchain Club. “Today’s events show you can both enter and exit the staking house, which has to derisk the staking experience in some way or another,” Rasmussen added.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Annie
Coincu News
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