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

While the Ethereum community prepares for the upcoming Shanghai hard fork in March, the Lido liquidity staking project development team has revealed plans to create a withdrawal feature in the protocol. Lido’s team is seeking community feedback on a proposal to allow withdrawals once the Shanghai upgrade is complete.

Lido dominates default economy with $7.9 billion in total locked, team prepares for withdrawal in Shanghai

As of press time, decentralized financial liquidity (defi) staking protocol Lido is the most dominant defi protocol today, in terms of total value locked (TVL). Statistics from shows that Lido’s $7.92 billion TVL dominates the $46.56 billion TVL held today by about 17.01%.

Lido is the biggest bet ethereum holder when protocol commands around 29% afterward provide ether deposit. Lido .’s ethereum derivative token STEEL is the 13th largest market valuation in the crypto economy at $7.73 billion. Furthermore, Lido has an governance token called Lido knife (LDO)had a market capitalization of around $1.96 billion as of January 25, 2023. A day earlier, Lido’s development team published a suggestions regarding the withdrawal after the Shanghai upgrade.

Lido Protocol Reveals Plans For Ethereum's Shanghai Hard Fork Pre-Withdrawal Feature
A diagram of the Ethereum slash penalty schedule highlighted in the withdrawal proposal in Lido’s protocol.

Ethereum Developers Determined to Make Shanghai hard fork takes place this March and the main focus is on allowing deposit withdrawals. “The design proposed by Lido in the Ethereum Protocol Engineering team addresses these challenges with an in-protocol withdrawal request queue,” the Lido team explained in an article. summary on the context of withdrawals through the Lido protocol. “The process must be asynchronous, due to the asynchronous nature of ethereum withdrawals,” added the Lido developers.

The Lido developers explained that there will be various withdrawal methods including a “boost” feature and a “shelves” feature. Other penalties and cuts will be codified for validators who violate the rules. The summary explains how the slashes affect the execution of a user’s withdrawal request.

“We are looking for community feedback to ensure that our proposal takes into account all important considerations and to identify any potential improvements,” the Lido team detailed. “Your feedback is invaluable to creating an effective, efficient and fair proposition for all stakeholders.”

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What do you think of Lido’s proposal for withdrawal requests in the protocol and the upcoming Shanghai hard fork? Do you think this feature will have a significant impact on the crypto and defi markets? Share your opinion in the comments below.

Jamie Redman

Jamie Redman is the News Lead at News and a fintech journalist living in Florida. Redman has been an active member of the crypto community since 2011. He has a passion for Bitcoin, open source, and decentralized applications. Since September 2015, Redman has written over 6,000 articles for News about the groundbreaking protocols emerging today.

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