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Lido Protocol Reveals Plans for Withdrawal Feature Ahead of Ethereum’s Shanghai Hard Fork – Defi Bitcoin News

As the Ethereum community prepares for its Shanghai hard fork scheduled for March, the development team of liquid staking project Lido has revealed plans to create an in-protocol withdrawal function. Lido’s team is seeking feedback from the community on their proposal to allow retraction after the Shanghai upgrade is complete.

Lido Locks $7.9 Billion To Dominate Defi Economy, Team Prepares For Shanghai Exit

At the time of writing, Lido, a decentralized finance (defi) liquidity staking protocol, is the most dominant defi protocol today in terms of Total Value Locked (TVL). statistics According to, Lido’s $7.92 billion TVL exceeds the $46.56 billion TVL currently held by defi by approximately 17.01%.

Lido is the largest owner of staked Ethereum, as the protocol dictates 29% of staked ether supplyLido’s Ethereum Derived Token Steth is the 13th largest market valuation in the cryptocurrency economy at $7.73 billion. Additionally, Lido has a token called the Governance Token. Lido Dao (LDO), with a market capitalization of approximately $1.96 billion on January 25, 2023.The day before, the Lido development team suggestion About withdrawal after Shanghai upgrade.

Lido Protocol Reveals Plans for Withdrawal Feature Ahead of Ethereum’s Shanghai Hard Fork
Diagram of Ethereum’s thrashing penalty timeline highlighted in Lido’s intra-protocol withdrawal proposal.

Ethereum developers shanghai hard fork occurred in March of this year and the main focus is to allow wager withdrawals. “The design proposed by Lido on the Ethereum protocol engineering team addresses these challenges with a withdrawal request queue within the protocol,” he explains the Lido team. summary Status of withdrawals via the Lido protocol. “Ethereum withdrawals are asynchronous, so the process has to be asynchronous,” he adds the Lido developer.

The developers of Lido explain that there are different withdrawal modes, including a “Turbo” function and a “Bunker” function. Further penalties and thrashings are codified for validators who violate the rules. The summary explains how thrashing affects the fulfillment of user withdrawal requests.

“We are seeking community feedback to ensure our proposals take into account all key considerations and to identify potential improvements,” the Lido team elaborated. . “Your feedback is invaluable in creating an effective, efficient and fair proposal for all stakeholders.”

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What are your thoughts on Lido’s proposal for withdrawal requests within the Protocol and the upcoming Shanghai hard fork? Do you think this feature will have a significant impact on the crypto and defy markets? Share your views in the comments below. please.

Jamie Redman

Jamie Redman is a news lead for News and a financial technology journalist based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written over 6,000 articles for News about disruptive protocols currently emerging.

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