The Lido liquid staking protocol has activated Ether withdrawals for the primary time, in line with Could 15 information from Parsec Finance. Over 260 Lido Staked Ether (stETH) was traded for its underlying Ether (ETH) throughout the first three hours, value about $500,000.

Lido is a liquid staking derivatives (LSD) protocol that enables ETH holders to stake their cash with taking part validators and earn further ETH as a reward. When customers stake their ETH with Lido, they obtain stETH in return. As customers earn ETH by means of staking, their stETH will increase in amount to mirror the extra rewards.

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