Lido Finance issues update on its journey towards full decentralization
The latest update was on Lido’s migration to decentralization and self-custody. There have been concerns in the past about Lido being centralized. The update details the staking platform’s efforts to alleviate those concerns and here’s what you need to know.
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According to the update, Lido has to go through three steps to transform into a fully trustless protocol. The withdrawal key rotation is the first step necessary for the transition to a trustless future.
The update sets out the aspects of every step and why they are important for the protocol’s direction. However, the token’s price seems to have not registered much gains from this new development.
<p lang=«en» dir=«ltr» xml:lang=«en»>An update on withdrawal key rotation:TL;DR – dc4bc audit (published) – Withdrawal key-rotation ceremony (started) – First key-rotation message (signed)
Importantly, this is the 1st of 3 key steps needed to turn Lido into a fully trustless protocol.https://t.co/1Jm7dn5xLA pic.twitter.com/nFYRGuKuFL
— Lido (@LidoFinance) March 17, 2023
One of the most notable aspects of the update is that it clarified the methodology involved in unlocking ETH staked before July 2021. Lido expects the measures to facilitate a smooth unlocking and withdrawal process.
The update also reveals that eight issues were fixed and there were no critical challenges. Lido noted that the messages being generated will be broadcasted after the Shapella hard fork.
LDO’s supply in smart contracts dropped from 45.74% at the start of the second week of March, to 45.09% on 16 March. Its transfer rate experienced a marginal increase during the same period.
Source: Glassnode
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