Lido has reported an increase in staked Ethereum on its platform regardless of the US Securities and Trade Fee (SEC) classifying its staking applications as securities in its lawsuit in opposition to Consensys.
Staked Ethereum enhance
A July 2 report confirmed that Lido customers staked a further 95,616 ETH between June 24 and July 1. This elevated the overall worth of property staked on the platform by 1.26%, reaching $33.48 billion.
Throughout this era, Lido led in internet Ethereum deposit inflows, surpassing centralized exchanges like Binance and Gate.io and the quickly rising liquid restaking undertaking Ether.fi.
The platform additionally revealed vital exercise in its wrapped staked ETH (wstETH) on Layer 2 networks like Scroll, Base, Arbitrum, Optimism, and many others. The overall variety of property on these blockchains elevated by 7.19% to 141,586, bringing the 7-day buying and selling quantity to $1.23 billion.
Nonetheless, the Annual Proportion Fee (APR) for staked ETH decreased barely, dropping 0.04% to 2.96%.
Node decentralization
Lido is enhancing decentralization efforts by launching a Neighborhood Staking Module (CSM) to advertise extra decentralized Ethereum node operations.
Based on official documentation, CSM will combine a various vary of Node Operators, together with Solo stakers, into the community. The module may also permit permissionless entry for node operators. It added:
“The last word aim for this module is to permit for permissionless entry to the Lido on Ethereum Node Operator set and enfranchise solo-staker participation within the protocol, growing the overall variety of unbiased Node Operators within the general Ethereum community.”
This transfer would mark a transparent departure from its earlier method, which required its DAO to approve a brand new node operator earlier than its addition to the platform. Nonetheless, its present initiative would permit solo staking to turn out to be extra engaging and accessible for curiosity validators by introducing “moderately low bond for Node Operators” and requiring “no secondary token collateral.”
The module is in early adoption mode on the Holesky testnet and is anticipated to transition to a permissionless state on July 11, 2024.
