The Ethereum staking platform Lido Finance has scheduled a final on-chain vote this Friday (12 May) ahead of its upcoming V2 upgrade on 15 May.
Lido has stated in a Twitter post, if the voting is successful with no last-minute issues, the V2 upgrade will proceed as planned next Monday.
This will then fulfil direct in-protocol stETH:ETH withdrawals and staking router architecture, making way for new staking modules.
According to Lido, the upgrade will focus on:
- Staking Router: With a new modular architectural design, anyone can develop on-ramps for new Node Operators, from solo stakers, to DAOs and Distributed Validator Technology (DVT) clusters.
- Withdrawals: The upgrade will allow stETH holders to withdraw from Lido at a 1:1 ratio, allowing more open on/off ramping into the Ethereum staking ecosystem.
Lido added: “Post-upgrade, the ~270k ETH in the vault will be available, enabling the fulfilment of initial withdrawal requests without a lengthy validator exit process.”
Lido staking router
The Lido V2 update follows Ethereum’s recent Shanghai upgrade.
In February, Lido announced that the new V2 is designed to “drive a more inclusive, open and transparent platform whilst building on our core mission to make staking simple, as secure as possible, and keep Ethereum decentralized and censorship-resistant”.
It added: “The Staking Router will act as the nucleus of the Lido vision: a platform where stakers, developers, and node operators can collaborate without friction and drive the future of a decentralized Ethereum together.
“Ethereum should be a credibly neutral home for applications and their users. The mission of Lido on Ethereum is to provide a secure and accessible staking platform and contribute to Ethereum’s overall decentralization.
“Lido is firmly committed to further diversifying its operator and validator set, which reduces the risk of downtime or censorship while maintaining network performance, and neutrality.”
At the time of writing on 10 May, the Lido DAO token (LDO) was trading at $1.87 – up 0.87% in the past 24 hours. It has a circulating supply of 878,749,029 and market cap of $1.6bn, ranking it at number 34, according to CoinMarketCap.
At present, voters have also given LDO 100% approval on CoinMarketCap.