Lido Finance’s V2 Mainnet Launch Paves the Way for Direct Ethereum Withdrawals

  • Lido Finance has activated the long-awaited withdrawal feature for staked Ether, marking a significant milestone in the evolution of decentralized finance.
  • The activation of Ether withdrawals on Lido comes in the wake of Ethereum’s Shapella Upgrade, further solidifying Lido Finance’s commitment to staying at the forefront of technological advancements.

Lido Finance, the leading Ethereum staking protocol, has commenced the process of enabling users to withdraw their staked Ethereum (ETH) from the platform. This significant development coincides with the launch of version 2 of the liquid staking protocol, which obtained unanimous approval through a community governance vote.

The decentralized autonomous organization (DAO) responsible for Lido Finance overwhelmingly endorsed the transition to version 2 during the recent governance vote. According to the on-chain voting platform Aragon, every participating member showed support for the migration to V2. The voting process, which commenced on May 12, 2023, received an astonishing 100% approval rate, with zero votes registered against the proposal.

The launch of Lido V2 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. Simple, accessible, and timely withdrawals are a core part of a full-fledged staking product.

Isidoros Passadis, Lido DAO contributor said.

Streamlining the Staking Experience:

With the advent of V2, Lido Finance has unlocked a realm of possibilities through its staking router, paving the way for a diverse range of Node Operators. From individual stakers to DAOs and cutting-edge Distributed Validator Technology (DVT) clusters, the platform now accommodates a wide spectrum of participants, ensuring inclusivity and decentralization.

The activation of Ether withdrawals on Lido comes on the heels of Ethereum’s momentous Shapella Upgrade, adding further fuel to the platform’s momentum. By introducing in-protocol ETH withdrawal functionality, Lido Finance has streamlined the staking experience, eliminating previous security-related inconveniences and elevating user satisfaction to unprecedented heights.

The groundbreaking development has ignited a bullish frenzy surrounding Lido’s governance token, LidoDAO. In the past 24 hours alone, the token has skyrocketed by a staggering 12%, surging to an impressive $2.17, symbolizing the immense excitement and confidence inspired by Lido Finance’s latest triumph.

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