Lido reveals approximate timeline for stETH redemption

The liquid staking platform Lido Finance plans to open redemption of stETH for the ‘original’ cryptocurrency in mid-May 2023. 

In addition to this, stETH withdrawals won’t launch on mainnet until all audits concerning on-chain code are completed (expected end of April).

Adding another 2 weeks as a safety margin, the current expectation is for mainnet withdrawals to be live around mid May.

— Lido (@LidoFinance) March 14, 2023

The Ethereum team planned the activation of Shapella in the mainnet around mid-April. After the hard fork, validators will have the ability to withdraw ETH from staking.

The Lido developers announced that the launch of the updated protocol on the Goerli testnet is planned for March 20. In their assessment, node operators will need up to four weeks to fully deploy and test the withdrawal feature.

The company is currently conducting seven network audits, costing a total of $1.2 million.

Security is always the priority. It’s a fundamental part of Lido’s DNA and mission.

$1.2 million has been spent on 7 V2 audits, the results of which will be made publicly available upon completion.

So far they’ve identified several issues that required swift attention.

— Lido (@LidoFinance) March 14, 2023

“Security is our top priority. It is a fundamental part of Lido’s DNA and mission. […] To date we have identified several issues that required immediate intervention,” said platform representatives.

As of March 10, all issues have been resolved, and the updated contracts have been deployed on the Zhejiang testnet. 

In late February, Lido recorded a record daily inflow of deposits of 150,000 ETH.