Lido Finance Launches v2 Upgrade, Institutional Infrastructure Continue to Attract Funding and Partnerships

May 16, 2023
Market Update Markets saw a retracement as retail sales data for April came in lower than expected, triggering fears of weak earnings from retailers. $SPX and $NDAQ slid 0.3% and 0.6% lower than yesterday's close, while the $QQQ continued its ascent from nearly two weeks ago, up 0.5%. Digital asset markets saw a similar decline, with $BTC dipping below $27k for the second time in the past month, and $ETH trading at $1.8k at time of writing. Of the Top 100, $CFX (+22%), $KAVA (+22%), and $LDO (+16%) have been the top gainers in the past week. Conflux unveiled its regulatory-compliant blockchain sim card, Kava announced its impending mainnet upgrade, while Lido launched its v2 upgrade, expanded on further below.  Lido Finance, the leading liquid staking protocol on Ethereum, has launched its v2 upgrade. The upgrade allows users to withdraw Ether (ETH) at a 1:1 ratio with staked ether (stETH), streamlining redemption of stETH for its underlying ETH backing it. It is made possible by introducing the Staking Router, which enhances the protocol's modular infrastructure and bolsters the network's decentralization. Over 6.1 million ETH (~$12 billion) is currently staked on Ethereum via Lido. Concurrently, bankrupt crypto lending platform Celsius transferred 428,000 stETH (~$780 millio

Unlock this article with a FREE 30-Day Trial!

An FSI Pro, or FSI Crypto subscription is required in order to access this content.

*Free trial available only on a monthly plan

Reports you may have missed

MARKET UPDATE Crypto is broadly lower today as geopolitical conflict continues to weigh on risk assets, with BTC -3.48% falling to $60k and ETH -4.46% approaching the low $2,300s. Aptos (APT -2.02% ) is one of the few gainers in the top 100 tokens as they have strengthened their presence in Japan via an acquisition of HashPalette, a Japanese NFT service provider and developer of Palette Chain. AAVE -5.23% is also showing slight gains following...

CRYPTO MARKET UPDATE Crypto prices have rebounded slightly following yesterday's sharp selloff, with BTC -3.48% climbing back above $61,000 and SOL -3.04% moving above $145, while ETH -4.46% is lagging, trading around $2,400. Among today's outperformers is SUI 8.42% , which appears resilient despite a $115 million token unlock yesterday. Oil is partially retracing its early rally, gold is lower on the day, and yields are moving higher, suggesting at least a temporary reversal of...

Sign in to read the report!

We have detected you are an active member!

Ray: 54d50c-7c1b42-e2b07f-98726a-40e2d8