Lido V2 upgrade voting starts today! The upgrade will take place as early as 5/15, allowing for stETH redemption.
One month has passed since the upgrade in Shanghai on 4/13, and the leading protocol for LSD liquidity staking derivatives, Lido, is finally getting ready for an upgrade next week, allowing for ETH withdrawals to be pledged.
What's new with Lido V2: Lido V2 upgrade plan announced! Will allow for ETH withdrawals to be pledged, with more diverse node operators
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Key Upgrades of Lido V2
According to previous reports, there are two main highlights of the upgrade to Lido V2:
1. Staking Router: Thanks to the new modular architecture, anyone can become a new node operator, aiming to create a more diverse validation ecosystem.
2. Staking Withdrawal: Allows stETH holders to withdraw the originally staked ETH from Lido at a 1:1 ratio, enabling users to freely stake and unstake.
The second point is a key focus after the Ethereum Shanghai upgrade. Besides the ability to redeem stETH freely, it is worth paying attention to whether Lido, as the leader of the LSD protocol, will trigger a wave of ETH selling.
However, Lido, which originally planned to complete the upgrade by the end of April, did not follow the initial timeline and instead delayed it until mid-May.
Lido V2 Upgrade Voting Commences with Extensive Audits
According to Lido's official Twitter, emphasizing security, Lido updated its audit information on Thursday, the 11th. It stated that there have been 9 independent V2 audits conducted, with 8 audit reports released. Any issues found during the audits have been identified and fixed, with the final audit expected to be completed by the end of this month.
A Lido V2 Audit Update:
Security is a top priority. To this end Lido DAO dedicated significant effort to 9 independent V2 audits.
These audits have uncovered important findings, all of which have been either acknowledged or fixed.
— Lido (@LidoFinance) May 10, 2023
Today, the crucial V2 upgrade vote for the Lido community has officially begun and is expected to conclude on 5/15. Once the upgrade vote is approved, Lido V2 will go live on the same day.
As of the deadline, the upgrade approval rate is at 100%, and this vote can be seen as a formality in the governance process, expected to pass smoothly without any surprises.
Furthermore, Rocket Pool, another LSD protocol, completed its upgrade as early as 4/19 last month, where rETH holders can now stake or unstake through the protocol.
Read more: Ethereum Staking Protocol Rocket Pool Upgrade Completed! Running an Ethereum node now only requires 8ETH