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Lido Finance presents Lido V2



Lido Finance technical contributors present Lido V2 which according to Lido is its largest upgrade to date. The Lido V2 has two major focal points, staking routers and withdrawal, which are believed by Lido to “drive a more inclusive, open, and transparent platform”. 

With this upgrade, Lido said it would enable withdrawals to Ethereum stakers as Ethereum looks forward to the Shanghai / Cappella hard fork in the coming months. This will be open to stakers supporting Ethereum way back to the platform’s beacon chain days or specifically throughout the last two years. 

The Lido Staking Router is a new modular architectural design that allows anyone to develop on-ramps for new Node Operators like DAOs. According to Lido, “the Staking Router architecturally shifts the Lido protocol towards an aggregator strategy, encompassing a more diverse validator set and offering the possibility for different approaches, technologies, and greater overall flexibility throughout the protocol”.

stETH holders with the Lido withdrawal feature can withdraw from Lido at the ratio of 1:1, enabling stakers to unstake their stETH and receive ETH at the said ratio. Lido aims to achieve a “smoother staking experience for users and boost the usability of stETH across the DeFi space”, via this proposal.

Lido has begun a security audit on the proposal and is looking further to have a signal DAO vote on the proposed design, running in the Goerli testnet, deploying contracts to the mainnet, and having an Aragon vote before the hardfork. These can be summarized as Lido’s next step toward the upgrade. However, the timeline is based on the Ethereum upgrade schedule, Lido said. 

Moreso, Lido V2 would offer an open ground for external contributors to Lido development. The Staking Router modules in the future can allow developers, project teams, and researchers to contribute directly to Lido, Lido added.

Read also; 

Banxa and MetaMask Partner to Make it Easier to Access Web3

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