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In Three Hours, Ethereum Stakers Withdrew Around $500K of stETH from Lido

In Three Hours, Ethereum Stakers Withdrew Around $500K of stETH from Lido

After a successful Lido DAO vote, stakers can now withdraw ETH. 

On May 15th, liquid staking protocol Lido activated Ether (ETH) withdrawals. In the initial three hours, over 260 Lido Staked Ether (stETH) was exchanged for Ether, amounting to around $500,000.

Lido is a platform that allows ETH holders to stake their cryptocurrencies with validators participating in the network and earn additional ETH as a reward.

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It is worth noting that, overall, this function became available after the Shapella upgrade on April 13th. However, even post-upgrade, Lido users were still unable to withdraw their ETH as the platform lacked a withdrawal function.

On Monday, a vote by the Lido decentralized autonomous organization (DAO) resulted in an upgrade to Lido version two, enabling withdrawals for the first time.

According to Parsec's data, it took roughly an hour for stakers to start withdrawing. The first hour saw redemptions of stETH worth around 4 ETH ($7,308), which surged to approximately 227 ETH ($414,956) in the next hour.

The rate of redemptions slowed down in the third hour to around 44 ETH ($80,388), totaling over $500,000 worth of ETH withdrawn in the first three hours after enabling withdrawals.

Major crypto organizations are also actively using the withdraw function on Lido. Shortly after the company opened transfers, a bankrupt crypto lender Celsius moved $781 million in stETH to the Lido-staked Ethereum wallet.

Liquid staking solutions have seen increased popularity following the Shapella upgrade. As of May 1st, liquid staking became the leading decentralized finance category in terms of total value locked, even surpassing decentralized exchanges (DEX).

Gile K., Market Sentiment Analyst
Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she's not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.

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