So far, only 0.42 % have been processed
So far, only 0.42 % have been processed
lido finance-the largest Liquid stake protocol on Ethereum-was updated to version 2 at the beginning of this week. The step made it possible for liquid staking users, i. h. the owners of Staked Ether (Steth), essentially, to withdraw Steth in a ratio of 1: 1 from Lido to the ETH.
The latest data indicate that so far only 0.42 % of the withdrawals have been processed.
after-effects of the V2 upgrade
According to the Switzerland 21Shares Lido Finance currently has 31 % total ETH use. Around 6.7 million Steth are on offer. 448.04,000 Steth were sent to Lido for the withdrawal request.
According to the on-chain analysis provider Dune, Celsius Network, the insolvent CEFI credit provider, makes up the majority with around 448.04 Steth.
In the meantime, Lido has a 470,000 ETH buffer for the handling of the withdrawals, which come from the reward of the execution layer (priority fees/MEV), partial withdrawals and daily ETH deposits of new stakers via the pilot platform. Since so far only 0.42 % of the withdrawals have been processed, the analysis of 21 shares showed that Lido may not have to remove a validator from the network to take all withdrawals into account.
"With the current amount to $ Steth, which is requested for withdrawal, Lido does not have to leave a validator from the network to take all withdrawals into account, and still has $ 20,000 ETH as a buffer."
lido finance activates withdrawals
lido finance, which has a totally value locked (TVL) of over $ 12.41 billion, provided its V2 literation on May 15. This step took place through an on-chain vote in which the community members advised on the proposal.
The upgrade, which includes reduced gas fees and improved safety measures, takes place one month after the Shapella-Hardfork, which enabled stake validators to withdraw ether. Lidos V2 was subjected to a total of nine audits from several companies, including Statemind and Mixbytes.
Celsius, on the other hand, not defined the $ 779 million, which had it with the liquid-staking derivate protocol. It was speculated that the fund movement of the stricken crypto loan should be used as part of its restructuring and creditor repayment efforts.
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