- The platform vault contains 270,000 ETH to avoid liquidity problems
- The current withdrawal queue is about 28 days
- Total of over 6 million ether blocked on Lido
As previously announced, Lido Finance’s liquid stacking platform has been updated to V2 on May 15. This is a critical upgrade that will allow holders to withdraw previously blocked ether.
The decision to unlock the steaks was based on a vote. The quorum unanimously supported the proposal, after which the update was officially rolled out on the platform.
Note that it took Lido a month to ratify this feature. The withdrawal of stETH appeared with the release of Shapella, but the platform did not immediately unfreeze deposits.
The current amount of blocked ether on Lido is 6.1 million tokens (6.7 million according to other reports), which is over $12 billion. But the risk of asset drawdown is quite low given the market situation after Shapella’s release.
StETH holders can apply for withdrawal as of May 15. The oracle will then determine which of the Lido operators need validator output nodes.
Then they will request the output of a node at the consensus level. And only then will holders receive ETH.
With the release of the update, about 270,000 ETH are available in the Lido vault.. This is quite enough to avoid large queues.
This is especially important for bankrupt lender Celsius, which has $720 million worth of stETH blocked in its accounts.
As of now, the queue to withdraw the ether has reached 28 days. There are 1.6 million tokens pending.