Lido Finally Sets Date for stETH Withdrawals
• Lido DAO announced it would soon have the final vote for the Lido V2 upgrade, unlocking $500 million worth of ETH.
• The Ethereum Shapella upgrade enabled staked ETH (stETH) withdrawals with the last puzzle left being Lido.
• A final vote is set for May 12 and if successful, withdrawals will be enabled on May 15.
Half a Billion Dollars of ETH to Unlock
Lido DAO announced that it would soon have the final vote for its V2 upgrade, unlocking half a billion dollars worth of ETH. The Ethereum Shapella upgrade enabled staked ETH (stETH) withdrawals with the last puzzle left being Lido – the largest liquid staking derivatives (LSD) protocol. It currently has over 6.1 million ETH deposits.
Final Vote Scheduled for May 12th
The final vote for the Lido V2 upgrade is set for May 12th and will last three days if no last-minute changes are made. If successful, withdrawals will be enabled on May 15th – allowing stakers to swap their stETH back for regular ETH since December 2020 when the Beacon Chain was launched.
Unprecedented Demand Expected After Upgrade
With 270,000 ETH worth $500 million locked in smart contracts, there could be an exodus of stETH holders after the upgrade since Lido has seen an uptick in deposits following Shapella’s implementation. However, withdrawal requests are likely to be serviced more quickly during the first three days after launch due to high demand expected by users who want to swap their digital assets back into regular Etheruem tokens.
StETH Becomes Eighth Largest Cryptocurrency
As one of only eight cryptocurrencies with a market cap above $10 billion, StETH has gained significant traction in recent months as traders take advantage of its unique features such as allowing users to stake less than 32 ETH – something not available from other protocols like Polkadot or Ethereum 2.0 yet. Its popularity is expected to increase even further once withdrawals are enabled next week on May 15th.
Conclusion: Half a Billion Dollars Moving Into Market Soon
With half a billion dollars worth of Ethereum expected moving into circulation soon thanks to Lido’s upcoming V2 upgrade, traders should expect increased volatility across all markets in anticipation of this unprecedented event – especially those involving StETH tokens which may experience dramatic price movements depending on how much liquidity moves into them from other assets once withdrawals become available next week on May 15th .