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Lido Finance, the largest Ethereum liquid staking platform, has announced that the withdrawal of ETH (stETH) from Lido will likely be delayed until May after all pending verifications of Lido V2 codes have been successfully completed.
Lido posted an update on the withdrawal of Ethereum funds from the staking protocol in a March 15 tweet. As Ethereum developers gear up for withdrawals with the Shanghai mainnet upgrade expected in early April, Lido is lagging behind as it primarily focuses on completing the V2 audit.
Lido DAO members have begun testing the Shapella functionality (Shanghai and Capella) for the Ethereum Goerli upgrade on the Zhejiang testnet. However, the time taken to complete the audits resulted in delays in preparing for the Goerli update.
Therefore, the Lido update target date is pushed to the next week. The Ethereum core developers also noted that some validators were not updated to the latest versions of the client software, causing problems after the Shapella update was launched on the Goerli testnet. This resulted in the completion of the update after 15 epochs.
Lido claims that it will take at least 3-4 weeks for node operators to fully implement and test validator outputs. In addition, all 5 pending verifications related to on-chain codes will be completed by the end of April. Therefore, it is unlikely that the withdrawal of stETH will occur on the mainnet until all audits are completed. Mainnet withdrawals are expected to begin in mid-May.
Lido also said that 2 audits have already been completed and 5 are in progress. The company spent $1.2 million on seven V2 audits, the results of which revealed the need for quick fixes.
The price of Ethereum has dropped over 3% in the last 24 hours and is currently trading at $1,672. The 24-hour minimum and maximum are $1,660 and $1,779 respectively. In addition, the volume of trading over the past 24 hours has not changed much, which indicates a decrease in interest.
Meanwhile, Lido Staked ETH (stETH) is trading at $1,665, down 2% in the last 24 hours. According to DeFiLlama, Lido has a dominant share of the ETH liquid derivatives market with 5,794,376 ETH.
#ETH #staking #withdrawals #delayed