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On March 29, the current largest decentralized finance protocol with total locked value (TVL), Lido Finance announced the release of NFT representing the amount of staking ETH that users want to withdraw.
We're live https://t.co/ficdMC6ou8
— Lido (@LidoFinance) March 28, 2023
According to Mariya Muzyko, Product Manager of Lido Finance, users can exchange stETH for initial ETH at a ratio of 1:1, through two steps of request and claim. After the request is sent, the user will receive an NFT representing the amount to be withdrawn. This NFT is issued by Lido itself and is used to determine the right to receive staking rewards. NFT will also disappear after the user receives ETH.
In addition, Lido-issued NFTs are transferable. This means that even if the user transfers that NFT to any wallet address, the right to receive the reward remains the same. If users want to sell NFTs on secondary markets, Lido will not ask for royalties.
Notably, it will take 1 to 5 days to process a withdrawal request, depending on the amount of stETH withdrawn and the number of withdrawal requests.
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It is known that the Ethereum development team has just set a time to conduct the Shanghai upgrade, allowing withdrawal of ETH staking at 5:30 on April 13 (Vietnam time).
Previously, Lido planned to open the ETH staking withdrawal feature in May, because the protocol needs more time to audit, check and handle vulnerabilities. While Coinbase has closed the ETH staking unlocking schedule after the Shanghai upgrade 24 hours.
Immediately after this news, the LDO price had positive signals. At the time of writing, LDO is trading around $2.41, up nearly 15% over the past 24 hours. The uptrend is still ongoing.
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LDO price movement chart.
Current LDO price
VIC Crypto synthesizes
Related news:
SEC news "touched" Lido Finance
Justin Sun staking nearly 200,000 ETH on Lido ahead of Shanghai upgrade
Lido proposes plan to stop implementing Liquid Staking on Polkadot and Kusama
