Lido Finance Will Start Redeeming stETH

The Lido Finance liquid staking platform team held on May 15 a three-day vote on the proposed upgrade, ultimately launching the second version of the protocol.

The new version will enable the redemption of stETH for Ethereum, with an initial storage of approximately 270,000 ETH, allowing withdrawal requests to be processed without the need for validators to go offline.

According to the project developers, the planned upgrade will be significantly larger than previous ones, acting as a major milestone in the decentralization of the protocol.

The project team will also introduce the Staking Router, a modular architecture that will make it possible for solo stakers and other market participants to become node operators.

This follows the Glassnode analysis from April that highlighted the promise from the Lido Finance team to stake the received rewards again, which has since caused the volume of locked assets to exceed $12.7 billion after the Shapella hard fork.