Lido to Issue NFTs to Unstaking Users to Represent Withdrawal Requests

Lido to Issue NFTs to Unstaking Users to Represent Withdrawal Requests

Mariya Muzyko, product manager at Lido, said during Tuesday's node operator community call that the protocol will offer withdrawal services with the help of NFTs. After Lido V2 goes live, users who unstake $stETH will receive NFTs representing their withdrawal requests.

The Shanghai upgrade will be activated on Ethereum mainnet on April 12th at 22:27 UTC. Afterwards, Lido V2 will go live on Ethereum mainnet, allowing users to unstake their $stETH and receive $ETH at a 1:1 ratio. When a user requests a withdrawal, he/she will receive a NFT issued by Lido to represent the withdrawal request. After the user claims $ETH, the NFT will be burned. The NFTs are transferable and can be traded on the secondary markets. Lido won't charge a royalty from the NFT sales.

Lido also said that the withdrawal process will take roughly one to five days, depending on the amount of $stETH in the withdrawal and the number of total requests.

Currently, Lido V2 is being tested on the Goerli testnet. The first successful withdrawal was confirmed on March 24th.

According to TokenInsight data, the price of $LDO went up by 15.4% over the last 24 hours, trading at $2.3699 now. 

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Source

Ethereum

DeFi

Lido

Liquid Staking Derivatives (LSD)

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