ETH stakers on the Lido Finance protocol will be allowed to withdraw altcoins after a security check.
Users who have staked ether (ETH) via the Lido Finance protocol will not be able to withdraw their coins before the Ethereum Shapella update. About this on Twitter during the AMA session told developer of the Kadmil.eth project.
The fact is that first the protocol needs to prepare the launch of the second version of the testnet, as well as conduct a series of security audits for the update. This will require a period of “at least until the beginning of May.”
Lido chooses ETH
In early February, Lido developers submitted new protocol version V2, which should be released after the release of the Shanghai/Capella update. In the new version of Lido, users, in particular, will be able to withdraw their funds in ETH from staking, as well as exchange their rewards in stETH back into ETH at the rate of 1 to 1. Also, stakers will be able to become Ethereum operators in the Lido system.
The project also removed the staking service for polkadot (DOT) and kusama (KSM) and decided to focus on the Ethereum ecosystem. The staking rollout for DOT and KSM is scheduled for August 1st. By June 22, all DOT and KSM altcoins placed on Lido will be available for withdrawal from the protocol.
Excitement around the activation of the Shapella network
The update of the Ethereum main network called Shapella is scheduled for April 13, after reaching the time interval for the formation of block number 194048 in the network. The update includes two components – Shanghai and Capella. After that, validators who participate in staking will be able to withdraw their rewards and access the collateral of 32 ETH.
As the update approaches, Lido is seeing an increase in the popularity of staking on its platform. At the end of February, the protocol faced an asset influx of 150,000 ETH. As a result, the project team has activated a security feature called Staking Rate Limit to reduce the amount of StETH that can be mined at any given time based on deposits in the last 24 hours.
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