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Lido Unleashes Half a Million Dollars in Withdrawn stETH Redeemed Within Just Three Hours

BlockNews Team by BlockNews Team
May 18, 2023
in Business, Crypto, DeFi, Finance
Reading Time: 3 mins read
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  • Lido, a liquid staking derivatives platform, recently enabled Ether (ETH) withdrawals, with over 260 units of Lido Staked Ether (stETH) exchanged for an equivalent amount of Ether, totaling $500,000 within the first three hours
  • The Lido decentralized autonomous organization (DAO) approved an upgrade to introduce a withdrawal function, resolving the issue of users being unable to retrieve their staked Ether even after the Shapella upgrade on April 13
  • Despite the growing popularity of liquid staking platforms, legal uncertainties remain in the United States, as the Securities and Exchange Commission has hinted at potentially classifying staking providers as securities issuers

Lido, the well-known liquid staking protocol, has recently enabled Ether (ETH) withdrawals. According to May 15 data from Parsec Finance, more than 260 Lido Staked Ether (stETH) units were traded for an equivalent amount of Ether during the first three hours, totaling an impressive $500,000.

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Operating as a liquid staking derivatives (LSD) platform, Lido offers ETH holders a chance to stake their tokens with chosen validators and earn extra ETH rewards. When users stake their ETH via Lido, they receive stETH in return. As staking rewards accumulate, the quantity of stETH increases proportionally.

Before the Shapella upgrade on April 13, Ethereum’s framework did not allow validators to withdraw their staked Ether. Even after the upgrade, Lido users could not retrieve their ETH due to the lack of a withdrawal feature in Lido’s system. This issue was finally resolved on May 15 when the Lido decentralized autonomous organization (DAO) approved an upgrade to Lido’s second version, which introduced a withdrawal function.

Data from Parsec indicates that it took an hour for stakers to become aware of their new withdrawal ability. During the first hour, a mere 4 ETH ($7,299) worth of stETH was redeemed. However, the next hour saw a dramatic increase, with redemptions reaching around 227 ETH ($414,901). In the third hour, they experienced a decline in activity, with redemptions dropping to about 44 ETH ($80,301). Despite this, the total value of ETH withdrawn within the initial three hours surpassed the $500,000 threshold.

Following the Shapella upgrade, liquid staking platforms have gained traction. As of May 1, staking claimed the top spot among decentralized finance categories in terms of total value locked, even surpassing decentralized exchanges, according to DefiLlama. However, legal ambiguities regarding liquid staking in the United States continue to linger, notably since the Securities and Exchange Commission recently suggested that staking providers could be categorized as securities issuers.

Lido’s Competitive Edge

Lido’s innovative liquid staking solution is revolutionizing the DeFi space by providing users unparalleled flexibility and convenience. Unlike traditional staking protocols that require locking up funds and waiting for withdrawal periods, Lido allows users to stake any amount of ETH, SOL, and other PoS network tokens without restrictions.

By receiving stETH and wstETH tokens, users can easily participate in DeFi activities and earn daily rewards while maintaining total liquidity. This cutting-edge approach positions Lido as a game-changer in the staking ecosystem, offering an attractive alternative to users who seek maximum benefits with minimal limitations.

Tags: cryptoethereumLido FinancestETH
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