Lido has announced the release of its second version, Lido V2, on Ethereum. The upgrade allows users to unstake their stETH and receive $ETH at a 1:1 ratio.
Users will also receive an NFT as an intermediate step between requesting to unstake and claiming one’s ETH. When a user requests to unstake, they will receive a Lido-issued NFT representing their withdrawal request. Afterwards, the user uses the NFT to claim their ETH rewards and the NFT is burned.
The unstaking process takes about a day if the exit queue on Beacon chain is empty.
With nearly 80% of the market share of liquid staking derivatives on Ethereum, Lido has withdrawn more than 278,000 ETH and is the fourth largest entity by $ETH withdrawals, trailing only Kraken, Coinbase, and Binance.
Lido V2 has received nine total audits from several firms, with the final audit expected to be completed by Oxorio at the end of May.
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Liquid Staking Token