Lido Finance to Unlock ETH on May 15th
The Lido Finance (LDO) staking protocol is set to upgrade to Lido V2 on May 15th, which will coincide with the unlocking of a substantial amount of ETH following the Shanghai upgrade.
Lido Finance to Unlock ETH on May 15th
According to the latest update from Lido, the protocol will finalize the vote for Lido V2 on May 12th. If approved, the V2 version will go live on May 15th, enabling the release of a significant amount of ETH to investors.
With a focus on security as its top priority, the largest staking protocol in the market has successfully completed testing on the Goerli Testnet and passed the audit phase. It is now ready to deploy its off-chain tools, as reported by Lido. These steps have ensured that Lido is on track for this crucial milestone.
A Lido V2 update:
— Lido (@LidoFinance) May 8, 2023
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 🏝️
Following the V2 upgrade, 270,000 ETH will be allocated to the Withdrawals vault, allowing investors to process withdrawal requests without prolonged wait times. Once this ETH is depleted, the vault will be replenished. In other words, investors will have the opportunity to receive their ETH more swiftly within the first three days after the unlock, according to Lido.
However, the staking platform notes that the outcome of the vote may still impact the decision to unlock ETH on May 15th, meaning this is a tentative schedule and not yet confirmed.
Lido Finance remains one of the pioneering solutions in liquid staking, currently dominating the space with around $12 billion in assets under management. The protocol has witnessed a surge in staked ETH since the Shanghai upgrade, surpassing 6 million ETH.
