Lido Finance Takes the Plunge with Ethereum Withdrawals in V2 Mainnet Launch

"Lido Finance empowers Ethereum withdrawals as V2 mainnet goes live with overwhelming community support"

Lido Finance, the largest Ethereum staking protocol, has announced the activation of the withdrawal of staked ether from its platform after the launch of its V2 mainnet. The community behind the DeFi staking platform passed an on-chain vote to approve the transition to version 2. This move represents an architectural evolution of the Lido protocol, ushering in both the ability for stETH holders to natively unstake their stETH in-protocol for ETH. Lido’s governance token has gained more than 12% following the latest developments.

The decentralized autonomous organization (DAO) behind Lido Finance approved the governance vote to decide the move to V2 with an overwhelming majority. According to the on-chain voting platform Aragon, 100% of the members who participated in the vote were in favor of the transition to V2. The on-chain vote, which began on May 12, 2023, received 0 votes against the proposal. The launch of Lido V2 represents a significant upgrade to the Lido protocol, allowing Ethereum stakers to directly unstake ETH through the protocol. The upgrade to V2 also enabled the platform’s staking router, which allows for the development of on-ramps for new Node Operators, ranging from solo stakers to DAOs and Distributed Validator Technology (DVT) clusters.

The activation of Ether withdrawals on Lido comes a month after Ethereum’s Shapella Upgrade went live. The liquid staking platform expects the in-protocol ETH withdrawal functionality to streamline the overall staking experience for users and address previous inconveniences related to the protocol’s security. This development is expected to have a bullish impact on Lido’s governance token LidoDAO, which has gained more than 12% over the past 24 hours, reaching as high as $2.17 earlier today.

Isidoros Passadis, Lido DAO contributor, said, “The launch of Lido V2 represents a significant milestone in the development of the Lido protocol. Simple, accessible, and timely withdrawals are a core part of a full-fledged staking product.” The move to V2 was approved through a governance vote earlier today by the community behind the staking platform, making it the most important upgrade to date.

In conclusion, the activation of Ether withdrawals on Lido Finance’s platform marks a significant milestone for the largest Ethereum staking protocol. The community behind the DeFi staking platform passed an on-chain vote to approve the transition to version 2, enabling stETH holders to natively unstake their stETH in-protocol for ETH. This move is expected to streamline the overall staking experience for users and address previous inconveniences related to the protocol’s security. The bullish impact on Lido’s governance token LidoDAO is a testament to the community’s confidence in the platform’s development.

Martin Reid

Martin Reid

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