Lido, the largest liquid staking platform in the Ethereum Blockchain, continues its preparations for the upcoming Shanghai update to Ethereum.
Network upgrades and updates that Ethereum will receive have always been important developments in the cryptocurrency industry. Blockchain’s upcoming Shanghai update is also pushing other industry players who offer services on the Ethereum Blockchain during this period to prepare.
Lido Continues Preparations for Shanghai
Lido, the largest liquid staking platform on the Ethereum Blockchain, has begun pre-voting on a software revision that will pave the way for staked token withdrawals.
The protocol initiated an instant vote for the version 2 (v2) upgrade, which includes a “Stake Router” that is said to facilitate the participation of different subsets of validators. The second element of the v2 upgrade, Ethereum’s Shanghai upgrade, will allow Lido to use their flagship stETH for their underlying Ethereum tokens.
Instant voting gives the Lido community the right to support or oppose the proposal before it goes to chain voting, which is the final step in confirming the mainnet upgrade. This phase of the process will continue until March 7. Right now the community is pretty close to unanimous support.
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