• Lido DAO announced that it will soon have the final vote for the Lido V2 upgrade, unlocking half a billion dollars worth of ETH.
• The Ethereum Shapella upgrade enabled staked ETH (stETH) withdrawals and Lido’s final vote is scheduled for May 12.
• If successful, withdrawals will be available after May 15th, with over 6.1 million ETH deposits currently in Lido’s smart contracts.
Lido Sets Date For stETH Withdrawal
Lido DAO announced that it would soon have the final vote for their Lido V2 upgrade, unlocking half a billion dollars worth of ETH. This comes after the Ethereum Shapella upgrade that enabled staked ETH (stETH) withdrawals on Ethereum mainnet on April 12th.
Final Vote On May 12th
The final vote for the Lido V2 Upgrade is set for May 12th and will last three days. If no last-minute findings are surfaced and the vote is successful, Lido V2 will be live after the enactment of the vote on May 15th.
Over 270,000 ETH Locked In Smart Contracts
Currently over 270,000 ETH ($500 million at current prices), are locked in smart contracts with Lido’s protocol. After the upgrade goes through, users who have staked with them will be able to swap out their stETH back into regular Ether once again since December 2020 when Beacon Chain went live.
Largest Liquid Staking Derivatives Protocol
Lido is currently the largest liquid staking derivatives (LSD) protocol in existence, allowing users to stake less than 32 ETH at a time. Currently there are over 6.1 million ETH deposits according to data from Nansen Analytics – making stETH 8th largest cryptocurrency by market cap at nearly $12 billion USD.
Quick Service Assured By Lido
When enabling withdrawals Lido assured that withdrawal requests are “likely to be serviced more quickly during the first three days” following activation of their updated protocol version 2 on May 15th if all goes to plan during voting stages this week from Friday may 12th-Monday may 15th .