Lido to enable stETH redemptions for ETH after v2 protocol launch

The team of the liquid staking Lido Finance announced the launch of the protocol’s second version on May 15 after a three-day vote on the corresponding proposal. Lido v2 will enable redemption of stETH for Ethereum.

A Lido V2 update:

The final on-chain vote for the V2 upgrade is scheduled for this Friday, May 12th.

If no last-minute findings are surfaced and the vote is successful, Lido V2 will be live after the vote enactment on May 15th ?️

— Lido (@LidoFinance) May 8, 2023

Initially, around 270,000 ETH will be available in the platform’s treasury, allowing withdrawal requests without the lengthy process of validator exits from the network.

According to the developers, the upcoming upgrade will be the largest in the protocol’s history, marking an important step toward decentralization.

The project team will also launch the Staking Router — a new modular architecture that enables market participants, including solo stakers, to become node operators.

Earlier, Glassnode analysts reminded of Lido Finance’s promise to redeploy the staking rewards earned.

In April, the volume of assets locked in the protocol exceeded $12.7 billion after the Shapella hard fork.