Ethereum

Celsius

Lido DAO

Beacon

<div class="playHtListenArea" style="display:none;margin: 0;">
		<div id="playht-audioplayer-element" data-play-article="https://crypto.ro/en/?p=21610" data-play-audio="https://media.play.ht/full_-NVZ6Y-VqU5GChCE6u0l.mp3?generation=1684233148065146&alt=media">
		</div>
	</div>
	<p>Lido, the trailblazer in liquid staking, has set a new milestone with the rollout of its second version (V2) on the Ethereum network.</p>
<p>The <a href="https://blog.lido.fi/introducing-lido-v2/" rel="nofollow noopener" target="_blank">V2</a> upgrade allows users to unstake their <a href="https://crypto.ro/en/cryptocurrencies/staked-ether/">stETH</a> directly and exchange it for <a href="https://crypto.ro/en/cryptocurrencies/ethereum/">Ethereum (ETH)</a> at a 1:1 ratio. This operation typically takes around a day when the exit queue on the <a href="https://crypto.ro/en/dictionary/beacon-chain/">Beacon chain</a> is not backed up, as stated in <a href="https://blog.lido.fi/just-how-fast-are-ethereum-withdrawals-using-the-lido-protocol/" rel="nofollow noopener" target="_blank">Lido&#8217;s blog post</a>. However, during peak network activity, this process can extend up to 5 days and 14 hours, according to data from network explorer <a href="https://www.rated.network/?network=mainnet&amp;view=pool&amp;timeWindow=1d&amp;page=1" rel="nofollow noopener" target="_blank">Rated</a>.</p>
<p>This upgrade has already had a positive impact on <a href="https://crypto.ro/en/cryptocurrencies/lido-dao/">LDO</a>, Lido&#8217;s native governance token, which saw a 10% price boost to $2.15 within 24 hours of the announcement.</p>
<figure id="attachment_21613" aria-describedby="caption-attachment-21613" style="width: 1858px" class="wp-caption alignnone"><img decoding="async" class="wp-image-21613 size-full" src="https://crypto.ro/en/wp-content/uploads/2023/05/ldo-price.png" alt="ldo price" width="1858" height="792" srcset="https://crypto.ro/en/wp-content/uploads/2023/05/ldo-price.png 1200w, https://crypto.ro/en/wp-content/uploads/2023/05/ldo-price-300x128.png 300w, https://crypto.ro/en/wp-content/uploads/2023/05/ldo-price-1024x436.png 1024w, https://crypto.ro/en/wp-content/uploads/2023/05/ldo-price-768x327.png 768w, https://crypto.ro/en/wp-content/uploads/2023/05/ldo-price-750x320.png 750w, https://crypto.ro/en/wp-content/uploads/2023/05/ldo-price-1140x486.png 1140w" sizes="(max-width: 1858px) 100vw, 1858px" title="Lido unveils V2 Upgrade on Ethereum, boosting LDO and enabling unstaking 1"><figcaption id="caption-attachment-21613" class="wp-caption-text">Lido DAO (LDO) Price | CoinMarketCap</figcaption></figure>
<p>As part of the unstaking process, users will receive a Lido-issued NFT that represents their withdrawal request. They can then use the NFT to claim their ETH rewards, after which the NFT is burned. Lido marketing lead Kasper Rasmussen clarified that &#8220;secondary market activity does not play a role in the withdrawal process&#8221;, even though the NFT could be listed for trading on <a href="https://crypto.ro/en/news/the-blur-token-airdrop-results-in-ethereum-gas-prices-spike-and-burn/">Blur</a> and <a href="https://opensea.io/" rel="nofollow noopener" target="_blank">Opensea</a>.</p>
<p>Lido currently dominates nearly 80% of the liquid staking derivatives market on Ethereum, according to blockchain analytics firm <a href="https://query.nansen.ai/public/dashboards/Hk93n66vsO0uvycfui8ypF2xcpNhpraxfwX5AWZJ?utm_campaign=shanghaiupgrade_12apr23&amp;utm_medium=social&amp;utm_source=twitter" rel="nofollow noopener" target="_blank">Nansen</a>. The company has already withdrawn more than 278,000 ETH, making it the fourth largest entity by ETH withdrawals, following <a href="https://crypto.ro/en/education/best-crypto-exchange/">crypto exchanges</a> Kraken, Coinbase, and Binance.</p>
<p>The V2 upgrade has undergone extensive <a href="https://github.com/lidofinance/audits/" rel="nofollow noopener" target="_blank">audits</a>, with one remaining audit by Oxorio expected to wrap up by the end of May. The introduction of V2 is a critical step towards &#8220;derisking the entire Lido tech stack,&#8221; according to Vice President of the Stanford Blockchain Club, Kydo.</p>
<h2 id="celsius-makes-major-moves-amid-lido-8217-s-upgrade">Celsius Makes Major Moves Amid Lido&#8217;s Upgrade</h2>
<p>As Lido unveils its features, Celsius, a crypto lender currently navigating bankruptcy issues, is making significant moves of its own. The lender transferred a staggering 428,015 stETH, equivalent to $781 million, to the Lido staked Ethereum wallet. This substantial transfer is widely viewed as preparation for withdrawal following Lido&#8217;s V2 upgrade.</p>
<figure id="attachment_21611" aria-describedby="caption-attachment-21611" style="width: 1378px" class="wp-caption alignnone"><img decoding="async" class="wp-image-21611 size-full" src="https://crypto.ro/en/wp-content/uploads/2023/05/Celsius-stETH-transfer.jpg" alt="Celsius stETH transfer" width="1378" height="591" srcset="https://crypto.ro/en/wp-content/uploads/2023/05/Celsius-stETH-transfer.jpg 1200w, https://crypto.ro/en/wp-content/uploads/2023/05/Celsius-stETH-transfer-300x129.jpg 300w, https://crypto.ro/en/wp-content/uploads/2023/05/Celsius-stETH-transfer-1024x439.jpg 1024w, https://crypto.ro/en/wp-content/uploads/2023/05/Celsius-stETH-transfer-768x329.jpg 768w, https://crypto.ro/en/wp-content/uploads/2023/05/Celsius-stETH-transfer-750x322.jpg 750w, https://crypto.ro/en/wp-content/uploads/2023/05/Celsius-stETH-transfer-1140x489.jpg 1140w" sizes="(max-width: 1378px) 100vw, 1378px" title="Lido unveils V2 Upgrade on Ethereum, boosting LDO and enabling unstaking 2"><figcaption id="caption-attachment-21611" class="wp-caption-text">Celsius stETH transfer | Etherscan</figcaption></figure>
<p>Bitcoin pioneer and Celsius creditor, Simon Dixon, hypothesized that Celsius might be planning to stake directly, eliminating the need for intermediaries like Lido. This substantial transfer could also be part of Celsius&#8217; restructuring plans, serving as loan collateral.</p>
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
<p lang="en" dir="ltr">428k <a href="https://twitter.com/hashtag/Celsius?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">#Celsius</a> <a href="https://twitter.com/search?q=%24stETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">$stETH</a> on the move &#8211; likely lining up for staking directly without <a href="https://twitter.com/hashtag/LIDO?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">#LIDO</a> in the middle. That’s the loan collateral proposed for NewCo. Should get an update during court hearing this week &#8211; 17th May &#8211; No court approval needed for this it seems <a href="https://t.co/pwT4fR1Qjt" rel="nofollow" target="_blank">https://t.co/pwT4fR1Qjt</a> <a href="https://t.co/4tdSsMegA8" rel="nofollow" target="_blank">https://t.co/4tdSsMegA8</a></p>
<p>&mdash; Simon Dixon (@SimonDixonTwitt) <a href="https://twitter.com/SimonDixonTwitt/status/1658142907012980738?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">May 15, 2023</a></p></blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p>Last week, Celsius transferred 40,928 ETH to a smart contract called &#8220;Figment ETH2 Beacon Depositor 1,&#8221; which was then moved to the Ethereum Beacon Chain deposit contract on May 12, as per <a href="https://etherscan.io/tx/0x341e607025c3d85e58059cf55f0bf596dffb095122640744afa1b1a69741e76a" rel="nofollow noopener" target="_blank">Etherscan</a>.</p>
<p>Despite these shifts, Lido remains a significant player in Ethereum staking, accounting for 29% of all staked Ether (ETH) — amounting to 6.27 million ETH, currently valued at around $11.3 billion.</p>
<p>On-chain analytics firm <a href="https://query.nansen.ai/public/dashboards/Hk93n66vsO0uvycfui8ypF2xcpNhpraxfwX5AWZJ" rel="nofollow noopener" target="_blank">Nansen</a> reports that there are currently 54,046 ETH in the withdrawal queue, not including the Celsius stash.</p>

Lido unveils V2 Upgrade on Ethereum, boosting LDO and enabling unstaking

Table of Contents

crypto.ro global

Outros artigos publicados em 16 de mai. de 2023

Qi-blockchain-ecosystem-the-fastest-growing-ecosystem-in-the-world

TiTi Protocol Goes Live On The Ethereum Mainnet, Launches Decentralized Stablecoin TiUSD

Nigeria’s Prembly partners Namibia’s financial regulator to build a digital identity framework fo...

Bitcoin’s next bull catalyst: realized price flipping in June, just $800 from long-term holder th...

26,000 Bitcoin withdrawn from exchanges – biggest withdraw this year

North Korean Hackers Steal Over $2.5 Billion in Crypto

Join our free newsletter for daily crypto updates!