Dominant liquid staking platform Lido (LDO) is preparing to perform its second iteration on the Ethereum Blockchain. This development is a critical moment for users in the decentralized finance (DeFi) community who want greater decentralization and better access to Ethereum’s staking ecosystem. Here are the details…
Significant development will take place in Lido DAO
Lido’s Twitter account described the v2 as “the most significant upgrade to date” since its launch in December 2020. Ethereum is Lido’s first and largest market for liquid staking tokens, as we reported on cryptokoin.com. Aragon voting is currently live to implement the Lido on Ethereum V2 upgrade. Users voted on their website for Lido’s most significant upgrade to date.
https://twitter.com/LidoFinance/status/1657045309208272896
As a result of the voting, Lido V2 will go live on May 15th. According to Lido’s latest tweet, the proposed changes for Lido V2 will include upgrades to smart contracts across the Lido protocol, enabling withdrawals as well as the Staking Router modular architecture, paving the way for a secure and permissionless set of operators. This news is significant as Lido is the dominant liquid staking platform and the move to run its second iteration on the Ethereum Blockchain will facilitate users in the DeFi community to access Ethereum’s staking ecosystem. Moreover, the proposed changes for Lido V2 will increase the security and decentralization of Lido’s liquid staking tokens, giving users more control over their staked assets.
LDo price rises
For technical users, Lido has provided a thread on how to manually check the upgrade script to understand and verify certain parameter changes. Additionally, Lido’s blog post gives a deeper insight into how withdrawals using Lido work and the importance of the Staking Router in Lido’s decentralization roadmap.
In conclusion, the proposed Lido V2 upgrade on the Ethereum Blockchain is a critical development that will increase the decentralization and security of Lido’s liquid staking tokens. This move will also facilitate users in the DeFi community to access Ethereum’s staking ecosystem and further strengthen Lido’s position as the dominant liquid staking platform. Meanwhile, in line with the aforementioned development, the LDO price jumped close to 13 percent. The cryptocurrency is currently changing hands at $1.91. It has risen to this level from the $1.70 price tag in 24 hours. You can see the daily chart of the coin as above.
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