Why Lido Finance’s support of Ethereum upgrade is important?

Why Lido Finance’s support of Ethereum upgrade is important?

March 3, 2023

By Victor Olanrewaju

How much are 1,10,100 LDOs worth today?

Ongoing voting showed that the Lido community would most likely support the Ethereum Shanghai Upgrade.

The protocol’s TVL growth has evidently surpassed others.

The call by Lido Finance [LDO] on its community to approve withdrawals on its Staking Router might have yielded the much-needed fruits.

According to the snapshot of voting, 100% of the liquid-staking protocol community member who had taken part in the process were in support of the proposal.

A few days back, Lido proposed the V2 upgrade which could affect its off-chain and on-chain system. On 28 February, the voting process opened as the protocol would play a part in the fast-approaching Shanghai Upgrade on the Ethereum [ETH] blockchain.

Uncertainty in the midst of rewards

Details from the snapshot showed that the voting process would last till 7 March. With the current momentum, there is a high chance that those opposed to the suggestion might have to settle with the agreement. Irrespective of the outcome Lido remains the largest staking protocol on Ethereum.