As the Ethereum community gets ready for the predicted Shanghai hard fork, the Lido development team has announced plans to create an in-protocol withdrawal option.
The team is seeking community feedback on the withdrawal plan that will be put into place after the Shanghai renovation is complete. In terms of the total value locked, Lido, a decentralized finance (DeFi) liquid staking system, is now the most popular DeFi protocol (TVL).
Defillama.com statistics shows that Lido’s $7.9 billion TVL has a 17.01% advantage over Defi’s $46.56 billion TVL. The team is getting ready for Shanghai withdrawals of the total value locked in at $7.9 billion (TVL).
Currently, the protocol has control over 29% of the staked ether supply. Despite this, Lido is the biggest shareholder, valued at $7.73 billion on the market, and STETH, an Ethereum derivative token, is ranked 13th overall in the cryptocurrency space.
Additionally, The staking system has a governance token called lido dao (LDO), with a market price of around $1.96 billion as of January 25, 2023. Following the Shanghai upgrade the day prior, the development team made a suggestion regarding withdrawals.
The Shanghai hard split is anticipated for March, and enabling staked withdrawals is Ethereum developers’ top priority. In an analysis of the withdrawal landscape using the Lido protocol, the Lido team claims that the in-protocol withdrawal requests queue, as presented by the staking system on the Ethereum Protocol Engineering team, “addresses these challenges.”
