• Lido DAO announced they will soon have the final vote for the Lido V2 upgrade, which will unlock $500 million worth of ETH.
• The Ethereum Shapella upgrade enabled staked ETH (stETH) withdrawals and has only one final puzzle left: Lido.
• Lido is planning to enable staking withdrawals next week on May 15th after a three-day voting period.
Lido DAO Announces Final Vote for Upgrade
Lido DAO announced it would soon have the final vote for the Lido V2 upgrade, unlocking half a billion dollars worth of ETH. The Ethereum Shapella upgrade that enabled staked ETH (stETH) withdrawals has only one final puzzle left – Lido.
Withdrawal Date Set For May 15th
The largest liquid staking derivatives (LSD) protocol has set a date for enabling staking withdrawals, with $500 million worth of ETH set to enter the market. Lido DAO shared on Twitter on Tuesday that it’s planning to enable staked ETH withdrawals next week on May 15th after a three-day voting period.
Stakers Can Swap StETH Back For ETH
After the upgrade, users who have staked with Lido will be able to swap their stETH back for ETH for the first time since the launch of Beacon Chain in December 2020. Withdrawal requests are “likely to be serviced more quickly during the first three days” once withdrawal is enabled..
Market Impact Of 270K Locked In Smart Contracts
There are around 270,000 ETH currently locked in Lido’s smart contracts, valued at $500 million at current prices. It’s unlikely there will be a mass exodus of stETH holders as there has been an uptick in deposits following Shapella Upgrade.
Largest Staking Service Provider
Lido allows users to stake less than 32 ETH and is currently most popular service provider in market with over 6.1 million ETH deposits according to Nansen data. This puts it as 8th largest cryptocurrency by market cap at almost $12 billion and its expected that this value will rise further when withdrawal is enabled mid-May