Liquid Staking Platform Lido Enables Staked ETH Withdrawals

• The most noticeable change in Lido V2 is the ability to withdraw staked ETH.
• Lido said that the typical withdrawal time for stETH or wstETH is between 1 and 5 days.

Lido, one of the leading liquid staking platforms, now allows users to withdraw ETH that has been staked. The change occurred on May 15 when Lido released the V2 update to the mainnet. This is the biggest protocol improvement to date, and it consists of two parts.

The most noticeable change in Lido V2 is the ability to withdraw staked Ethereum, one of two new features. Staking Ethereum using Lido enables direct unstaking of ETH over the protocol.

Withdrawal Time Between 1 to 5 Days

Users may now deposit their stETH tokens onto Lido’s withdrawals page and get ETH in exchange. Lido said that the typical withdrawal time for stETH or wstETH is between 1 and 5 days. In addition, the stETH that is reintroduced into the protocol will be burned before any ETH can be mined from it.

According to the release, the upgrade improves the Lido on Ethereum staking experience by fixing a number of bugs. A further benefit is that Lido’s staked ETH can be utilized more effectively across the Ethereum DeFi ecosystem.

According to Nansen’s monitor, the Beacon Chain is still seeing more deposits than withdrawals. Also, it says that 20M ETH have been staked, which is probably an exaggeration given that the Beaconchain explorer only reports 18.3M.

A staking router, an enhancement introduced in V2, is also available. The creation of entry points for additional Node Operators is made possible by this new modular component. It encourages staking variety by supporting both individual stakers and groups, such as DAOs and Distributed Validator Technology (DVT) clusters.

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