$500K worth of stETH redeemed in 3 hours as Lido enables withdrawals

Even after Shapella, Lido users couldnt withdraw their ETH due to the fact that Lidos software did not have a withdrawal function. On May 15, the Lido decentralized self-governing organization voted to update Lido to variation 2, permitting withdrawals for the first time.Related: New Cosmos chain will use liquid staking coins for securityData from Parsec reveals that it took about an hour for stakers to recognize that they could withdraw. Over $500,000 worth of ETH was withdrawn in the first three hours of withdrawals being enabled.ETH withdrawals on Lido.

The Lido liquid staking procedure has made it possible for Ether withdrawals for the very first time, according to May 15 data from Parsec Finance. Over 260 Lido Staked Ether (stETH) was redeemed for its underlying Ether (ETH) in the very first three hours, worth about $500,000. stETH withdrawals control panel:- specific & & aggregate withdrawal demands.- present withdrawal queue.- stETH big balance changes.https://t.co/HxZc2Izfax@parsec_finance @wilburforce_ pic.twitter.com/2ZBZWzcrTZ— mhonkasalo.lens (@mhonkasalo) May 15, 2023

Even after Shapella, Lido users couldnt withdraw their ETH since Lidos software application did not have a withdrawal function. On May 15, the Lido decentralized self-governing company voted to update Lido to version 2, allowing withdrawals for the very first time.Related: New Cosmos chain will utilize liquid staking coins for securityData from Parsec reveals that it took about an hour for stakers to realize that they could withdraw. Over $500,000 worth of ETH was withdrawn in the very first 3 hours of withdrawals being enabled.ETH withdrawals on Lido.