Half a Billion in ETH Set to Unlock: Lido DAO Final Vote May 12

• Lido DAO announced that the final vote for the Lido V2 upgrade would take place on May 12th.
• The vote will enable staked ETH withdrawals of $500 million worth of ETH.
• Lido said withdrawal requests would be serviced quickly during the first three days after the vote is successful.

Lido Sets Date for stETH Withdrawals

Lido DAO, the governing body of the largest liquid staking derivatives (LSD) protocol, has set a date for enabling staked ETH (stETH) withdrawals. The Ethereum Shapella upgrade that enabled staked ETH withdrawals has only one final puzzle left—Lido—with half a billion dollars worth of ETH set to enter the market after its approval.

Final Vote Scheduled For May 12th

The DAO shared on Twitter that it’s planning to enable staked ETH withdrawals next week with a final vote scheduled for May 12th. If no last-minute changes occur and the vote is successful, Lido will enable withdrawals on May 15th.

$500 Million Worth Of ETH Locked In Smart Contracts

Around 270,000 ETH are stored in Lido’s smart contracts, which is valued at $500 million at today’s Ethereum price of $1,844. After the upgrade, users who initially used Lido to stake their funds will be able to swap their stETH back for regular Ethereum tokens again.

Uptick In Deposits Following Upgrade

Data from Nansen shows that there is currently over 6.1 million ETH deposits in Lido and it’s unlikely there’ll be a mass exodus of holders since there has been an uptick in deposits following Shapella’s launch.

Quick Service Assured By Lido

Lido assured that withdrawal requests are “likely to be serviced more quickly during the first three days” after its activation and therefore encourages users to submit their requests as soon as possible so they can benefit from quicker service times.

Half a Billion in ETH Set to Unlock: Lido DAO Final Vote May 12
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