Liquid Staking Platform Lido Surpasses 6M Ether Deposits as Shanghai Upgrade Spurs Inflows

Lido has not yet impelled withdrawals, pending the release of its version (v)2 protocol upgrade expected later in May. Given the nature of liquid staking, purchasers who want to withdraw from the platform can just sell their stETH derivative token on exchanges. As the token’s figure tracks closely to ETH’s, Lido likely isn’t facing significant withdrawal pressure, Kunal Goel, an analyst at crypto investigation firm Messari, wrote in a report Wednesday.