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Today was a big day for him and it was expected. Investors’ bullish expectations were not in vain. After Shapella, Stake platforms used by investors with assets under 32 ETH were eagerly awaited to open withdrawals. This was a development that would positively affect the price as it could also increase the utilization of the relevant protocols.
Why is Lido (LDO) Rising?
We’ve previously listed the LDO upgrade as one of this month’s highlights, with traders chasing news-driven opportunities gaining over 10% today. What’s exciting is that Lido now allows the withdrawal of ETH-denominated Stake assets. A little while ago, the team made the following announcement.
“Lido V2, the most significant update to the Lido protocol to date, significantly improves the Ethereum staking experience while advancing the Lido protocol towards increased protocol decentralization. Lido V2 offers two main components, with the most user-facing aspect being Ethereum withdrawals. This allows Ethereum stakers with Lido to withdraw ETH directly through the protocol.”
The price surged over 10% today in anticipation of the good news, pushing $2.19.
What is Lido V2?
The Lido V2 update brings a number of exciting new features to the platform with two key areas of focus. The first of these is withdrawals. The Lido on Ethereum protocol upgrade allows Lido on Ethereum stakers to burn their stETH and exit the protocol at a 1:1 ratio. The other is the Staking Router. The new modular architectural design allows the development of ramps for new Node Operators, from solo stakers to DAOs and Distributed Verifier Technology (DVT) clusters. This will create a more diverse validator ecosystem.
“The upgrade has also implemented many other changes, most notably a significant rewrite of the Oracle smart contract and off-chain daemon software. This was necessary to support withdrawal functionality and enable a larger number of Node Operators.”
Today’s latest step may increase interest in the Lido DAO. If investors who can easily withdraw their staked assets (because they can see the way forward) show more interest in the protocol, the LDO Token price may rise as the use case increases.
