- Lido Finance has enabled Ethereum withdrawals after the V2 main net went live earlier today.
- A community vote on-chain approved the switch to version 2 of the DeFi staking platform.
- The governance token for Lido has gained over 12% following the latest developments.
Lido Finance, the largest Ethereum staking protocol, has enabled the withdrawal of staked ether. Ethereum withdrawals have been enabled as a result of the liquid staking protocol moving to version 2, approved by the community earlier today.
Lido Finance Community Approved V2 With an Overwhelming Majority
With an overwhelming majority, Lido Finance’s decentralized autonomous organization (DAO) accepted the governance vote to transition to V2 today. According to the on-chain voting platform Aragon, 100% of those who voted were in favor of the move to V2. The proposal garnered 0 votes in the on-chain voting, which began on May 12, 2023.
The introduction of Lido V2 is an architectural development of the Lido protocol, allowing stETH holders to natively unstake their stETH in the protocol for ETH. Withdrawals that are simple, accessible, and timely are essential components of a full-fledged staking solution.”
The protocol described the Lido V2 mainnet launch as its most significant improvement to date. The change enables Ethereum stakes to directly unstack ETH via the protocol. The platform’s staking router was also activated with the V2 upgrade, allowing for the creation of on-ramps for new Node Operators ranging from solo stakes to DAOs and Distributed Validator Technology clusters.
The enabling of Ether withdrawals on Lido occurs one month following the launch of Ethereum’s Shapella Upgrade. The liquid staking platform anticipates that the in-protocol ETH withdrawal feature will improve the overall staking experience for users and address past issues with the protocol’s security. The most recent development has boosted the value of Lido’s governance token, LidoDAO. Over the last 24 hours, the token has gained more than 12%, reaching a high of $2.17 earlier today.