DeFi
After a testing period of about four weeks, the Ethereum mainnet launch is expected to take place in mid-May. However, stETH withdrawals will not commence on the mainnet until all audits on the code chain are completed, which is slated to begin around mid-May.
Previously, the community had approved the V2 upgrade proposal with 100% support. The Lido team confirmed that the V2 smart contract has undergone seven tests costing $1.2 million. Two tests have been completed, and five are in progress.
As of last Friday, all significant issues identified in the audit have been resolved, and the updated contract has been deployed to the Zhejiang Ethereum test network for testing.
Mainnet V2 upgrade aims to bring multiple benefits to its users, including reduced costs, better user experience, and enhanced security. Additionally, Mainnet V2 will introduce a new staking mechanism called the “Liquid staking model,” which enables users to trade their staked ETH for an ERC-20 token known as stETH. The introduction of this feature is expected to make staked ETH more tradable and increase its liquidity.
The Liquid staking model also allows for stETH to be integrated with other DeFi protocols, enabling users to earn yields on their staked ETH without losing liquidity. Additionally, the model will offer stakers insurance on their deposits and help prevent centralization by distributing staked ETH across multiple nodes.
Lido’s announcement of the upcoming V2 upgrade has been met with excitement by the crypto community. Many are looking forward to the reduced fees and improved user experience that the upgrade promises. Lido’s V2 upgrade is a significant step towards improving the accessibility and security of staking on Ethereum.
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