Lido launches Ethereum withdrawals as the second version of the protocol goes live

On May 15, the team behind the liquid staking platform Lido Finance rolled out the second version of the protocol after a successful community vote.

Following a successful on-chain vote, Lido V2 is officially here.https://t.co/36EmuagToD

?️ pic.twitter.com/sl4kjNpUYw

— Lido (@LidoFinance) May 15, 2023

The update received 100% support.

The key points of the protocol update leading to Lido v2 were:

• the ability to withdraw from staking Ethereum by burning stETH 1:1;
• the launch of a Staking Router, designed to diversify the validator set and promote further decentralisation.

A number of other changes, including updates to the Oracle smart contract and the off-chain PO, are aimed at supporting two new key options.

Lido v2 underwent several security audits by Sigma Prime, ChainSecurity, Oxorio, Statemind, HEXENS, MixBytes() and Certora.

“This Lido update has made the Ethereum protocol fully functional, enabling withdrawals from stETH into Ether, and opened up opportunities for experimentation and collaboration with the Staking Router architecture,” the developers said.

According to the dashboard on Dune Analytics, more than 20 million ETH are staked. Lido’s share stands at 31.3% with 6.3 million ETH.

Ethereum developers opened the ability to withdraw assets from staking with the activation on April 13 hard fork Shapella.

Earlier in May, the Lido team announced the launch of the second version of the protocol following a three-day vote that started on May 12.