Lido V2 Would Be Live On May 15 After The Vote Is Successful

Lido V2 went through 6 safety tests before being put into operation on the Goerli testnet and mainnet before the Shanghai – Capella upgrade.

A Lido V2 update:

The final on-chain vote for the V2 upgrade is scheduled for this Friday, May 12th.

If no last-minute findings are surfaced and the vote is successful, Lido V2 will be live after the vote enactment on May 15th 🏝️

— Lido (@LidoFinance) May 8, 2023

This update will allow users to withdraw staking ETH after the Shanghai upgrade and improve the centralization of the network. Lido V2 is the biggest update in the development history of the platform.

ETH in the withdrawal vault is used to fulfill withdrawal requests and staking again when the queue is empty. After the upgrade, approximately 270,000 ETH in stock will be available in no time. The initial withdrawal request is met as soon as the verifier exits the process. This means that withdrawal requests can be processed faster within the first 3 days.

Lido is currently the largest easy staking solution in the crypto industry, with a total value locked at around $12 billion. ETH holders can participate in staking and receive rewards without being locked out but instead receive stETH tokens to continue participating in DeFi activity.

According to data from Dune Analytics, Lido currently holds more than 29.5% of total ETH staked or 83% of ETH staking in Liquid Staking Pools.

Those who participated in staking ETH on Ethereum 2.0 contract can withdraw after the Shanghai upgrade and staking rewards. This has led to a growth in the number of investors joining easy staking solutions.

Lido also mentioned that the withdrawal speed needs to be improved and will continue to improve the user experience on v2.

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