Lido Protocol reveals plans for withdrawal feature ahead of Ethereum's Shanghai hard fork

01/26 14:22

According to News.bitcoin, while the Ethereum community prepares for the upcoming Shanghai hard fork in March, the development team for the liquid staking project Lido revealed plans to create an in-protocol withdrawal feature. Lido’s team is seeking community feedback on the proposal that would allow withdrawals after the Shanghai upgrade is completed. Lido is the largest holder of staked ethereum as the protocol commands around 29% of the staked ether supply. Statistics from defillama.com show that Lido’s $7.92 billion TVL dominates the $46.56 billion TVL held in defi today by approximately 17.01%. Ethereum developers are determined to make the Shanghai hard fork happen this March and the main focus is allowing staked withdrawals. “The design proposed by Lido on the Ethereum Protocol Engineering team addresses these challenges with the in-protocol withdrawal requests queue,” the Lido team explains in a summary of the withdrawals landscape via the Lido protocol. “The process has to be asynchronous, due to the asynchronous nature of ethereum withdrawals,” the Lido developers add.

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