With Lido Finance V2’s new withdrawal feature, users holding stETH (staked Ether) can redeem their ETH holdings at a 1:1 ratio.
Lido Finance, the liquid staking protocol on the Ethereum blockchain, has successfully completed the LDO V2 upgrade. With this, staked ETH has been unlocked.
Lido Finance has released version V2, an upgrade that allows the withdrawal of locked ETH. The upgrade was accepted by community vote and took place on May 15 also saw an increase in the LDO price within 48 hours. According to CoinMarketCap data, LDO is currently trading at $2.25.
With Lido Finance V2’s new withdrawal feature, users holding stETH (staked Ether) can redeem their ETH holdings at the 1:1 ratio. According to the latest data more than 6 million ETH worth approximately $12 billion have been staked on Ethereum network through Lido v2. As of May 15th, users started withdrawing their ETH, and the withdrawal period takes place within 1-4 days depending on the intensity.
780 Million Dollar Transfer From Bankrupt Celsius
Celsius, which went bankrupt last year due to the collapse of Terra Luna, made a transfer of 428 thousand stETH, approximately 780 million dollars, after Lido Finance unlocked staked ETH. It seems that Celsius will be able to pay most of its creditors thanks to the new withdrawal feature of Lido v2.
Future Prospects for Lido Finance and Celsius Network
Both Lido Finance and Celsius Network have showed their resilience and innovative spirit in the rapidly evolving DeFi landscape. With the completion of the V2 upgrade Lido Finance is good positioned to attract more users and expand its market share. The integration with other DeFi protocols and the strong security measures make Lido Finance a compelling option for stETH holders.
Celsius Network’s achievement of attracting $780 million in stETH deposits solidifies its position as a strong lending platform. As the crypto lending market continues to grow, Celsius Network’s user-centric approach and robust rewards program position it favorably for further expansion and adoption.
