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HomeCryptocurrency News$500K worth of stETH redeemed in 3 hours as Lido enables withdrawals

$500K worth of stETH redeemed in 3 hours as Lido enables withdrawals


According to data from Parsec Finance on May 15th, the Lido liquid-staking protocol enabled its users to withdraw Ether for the first time. This was made possible through an upgrade to version two, which was approved by the Lido decentralized autonomous organization.

Before the upgrade, users were unable to withdraw their ETH because of the lack of a withdrawal function. After the upgrade, users were able to redeem their stETH for its underlying ETH, resulting in over $500,000 worth of ETH being withdrawn in the first three hours.

Liquid staking has become increasingly popular since the Shapella upgrade, and on May 1st, it became the top decentralized finance category in terms of total value-locked, surpassing decentralized exchanges.

However, there are still legal uncertainties surrounding liquid staking in the United States, as the Securities and Exchange Commission may view staking providers as securities issuers.


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