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Lido Community Conducting Snapshot of V2 Upgrade Design Approval

Lido, the biggest liquid staking platform on the Ethereum blockchain, has begun preliminary voting on a software overhaul that will also clear the way for staked token withdrawals.

On Tuesday, the protocol opened a snapshot vote on its version 2 (v2) upgrade, which includes a “Staking Router” said to ease onboarding of different validator subsets. The second element of the v2 upgrade will allow users to redeem Lido’s flagship stETH tokens for the underlying ether tokens once Ethereum’s Shanghai upgrade hits.

Lido had 5,669,612 ETH staked at press time, according to Nansen, giving stETH a market cap over $9.2 billion.

The snapshot vote gives the Lido community a chance to signal its support or opposition to the proposal before it goes to an on-chain vote, the final step to approving the mainnet upgrade. This stage of the process runs through March 7; at press time it is very close to unanimous support.

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