CryptoMediaClub
Monday, October 27, 2025
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
CryptoMediaClub
No Result
View All Result
Home Ethereum

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

16.05.2023
A A
0
132
VIEWS
ShareShare

The Lido liquid staking protocol has enabled Ether withdrawals for the 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 first three hours, worth about $500,000.

stETH withdrawals dashboard:
– individual & aggregate withdrawal requests.
– current withdrawal queue.
– stETH large balance changes.https://t.co/HxZc2Izfax@parsec_finance @wilburforce_ pic.twitter.com/2ZBZWzcrTZ

— mhonkasalo.lens (@mhonkasalo) May 15, 2023

Lido is a liquid staking derivatives (LSD) protocol that allows ETH holders to stake their coins with participating validators and earn additional ETH as a reward. When users stake their ETH with Lido, they receive stETH in return. As users earn ETH from staking, their stETH increases in quantity to reflect the additional rewards.

However, before the April 13 Shapella upgrade, Ethereum did not allow validators to withdraw their Ether held in the staking contract. Even after Shapella, Lido users couldn’t withdraw their ETH because Lido’s software did not have a withdrawal function. But on May 15, the Lido decentralized autonomous organization voted to upgrade Lido to version two, allowing withdrawals for the first time.

Related: New Cosmos chain will use liquid staking coins for security

Data from Parsec shows that it took about an hour for stakers to realize that they could withdraw. The first hour of withdrawals produced around 4 ETH ($7,308) worth of redemptions of stETH. But the following hour, redemptions swelled to approximately 227 ETH ($414,956). The pace of redemptions fell the following hour to around 44 ETH ($80,388). Over $500,000 worth of ETH was withdrawn in the first three hours of withdrawals being enabled.

ETH withdrawals on Lido. Source: Parsec

Liquid staking solutions have gained in popularity since the Shapella upgrade. On May 1, liquid staking became the top decentralized finance category in terms of total value locked, surpassing even decentralized exchanges, according to DefiLlama. However, there are still some legal questions around liquid staking in the United States, as the Securities and Exchange Commission has recently stated that it may see staking providers as securities issuers.

Share10Tweet6ShareSharePin2

Related Posts

ProShares announces launch of short Ether-linked ETF
Ethereum

ProShares announces launch of short Ether-linked ETF

02.11.2023
0

ProShares, a major issuer of exchange-traded funds (ETF), announced the launch of the short Ether-linked ETF on Nov. 2.ProShares’s new...

Read moreDetails
Slumdog billionaire 2: ‘Top 10… brings no satisfaction’ says Polygon’s Sandeep Nailwal

Slumdog billionaire 2: ‘Top 10… brings no satisfaction’ says Polygon’s Sandeep Nailwal

02.11.2023
Top Swiss bank launches Bitcoin and Ether trading with SEBA

Top Swiss bank launches Bitcoin and Ether trading with SEBA

02.11.2023
Elon Musk slams NFTs but ends up arguing the case for Bitcoin Ordinals

Elon Musk slams NFTs but ends up arguing the case for Bitcoin Ordinals

02.11.2023
3 reasons why Ethereum price is down against Bitcoin

3 reasons why Ethereum price is down against Bitcoin

02.11.2023
Load More
Next Post
Digital asset market shrinks as fund outflows reach $200M: CoinShares

Digital asset market shrinks as fund outflows reach $200M: CoinShares

0 0 votes
Рейтинг статьи
Subscribe
Notify of
guest
guest
0 комментариев
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Recommended

Korea Exchange Affiliate KOSCOM Applies for Stablecoin Trademarks

Korea Exchange Affiliate KOSCOM Applies for Stablecoin Trademarks

1 month ago
CME Bitcoin trading volume surpasses Bybit, but is it impacting BTC price?

CME Bitcoin trading volume surpasses Bybit, but is it impacting BTC price?

2 years ago
Visa Launched On-Chain Analytics Dashboard for Stablecoins

Visa Launched On-Chain Analytics Dashboard for Stablecoins

2 years ago

Cryptojacking Attacks Skyrocketed by 400% in H1 2023: SonicWall Report

2 years ago

Categories

  • All news
  • Altcoins
  • Analysis
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
No Result
View All Result

Highlights

Crypto Transfers Between Korean Exchanges and Cambodia’s Huione Jump 1,400x to $8.9M

Bitcoin Nears $116K as Stocks Rally on Signs of Thaw in US-China Trade Tensions

Sharplink Gaming Adds $80M in Ethereum to Strategic Reserve After Month-Long Lull

Ledger Faces Backlash Over New Multisig App Fees Despite Technical Upgrade

Your Crypto Isn’t Safe Outside the Blockchain, Vitalik Buterin Warns

Kyrgyzstan Launches Stablecoin on BNB Chain, Eyes National Digital Currency and Crypto Reserve

Trending

Michael Saylor’s Strategy Buys 390 BTC, Boosting Treasury to 640K BTC
All news

Michael Saylor’s Strategy Buys 390 BTC, Boosting Treasury to 640K BTC

27.10.2025
0

Strategy, the business intelligence firm led by Bitcoin advocate Michael Saylor, has once again expanded its Bitcoin...

Bitcoin rally smashes past $116k on softer Fed bets: What changes next?

Bitcoin rally smashes past $116k on softer Fed bets: What changes next?

27.10.2025
China’s DeepSeek and Alibaba’s Qwen AI Beat Rivals in Crypto Trading Contest

China’s DeepSeek and Alibaba’s Qwen AI Beat Rivals in Crypto Trading Contest

27.10.2025
Crypto Transfers Between Korean Exchanges and Cambodia’s Huione Jump 1,400x to $8.9M

Crypto Transfers Between Korean Exchanges and Cambodia’s Huione Jump 1,400x to $8.9M

27.10.2025
Bitcoin Nears $116K as Stocks Rally on Signs of Thaw in US-China Trade Tensions

Bitcoin Nears $116K as Stocks Rally on Signs of Thaw in US-China Trade Tensions

27.10.2025
  • All news
  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
  • Analysis
Editor: cryptomediaclub.com@gmail.com
Advertising: digestmediaholding@gmail.com

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

wpDiscuz