Lido Mainnet V2 – the game-changing upgrade

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.

I remember when 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 (can’t wait!).

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.

I’m super excited about this since 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.

Alongside Lido, I stick with Flynt Finance since I have a feeling that these two aim to offer instruments to weather all storms, I love to say that whether markets are bullish, or bearish I can rely on both.

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.

Are you excited about mainnet launch, what are your expectations?

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1 thought on “Lido Mainnet V2 – the game-changing upgrade”

  1. Not really excited. Why should I be excited for an existential threat to ETH security? Lido voted to not cap their limit to 33% of staked ETH. The DAO is centralized and a scam of a name as it’s not decentralized.

    Additionally the SEC has made it very clear (one of the few things they have actually made clear) that SaaS is indeed a security and needs to be regulated as such. Instead of the centralized “DAO” committing community funds to solving ecosystem improving things, they decided to actively hurt the ecosystem (no 33% cap) and voted to use community funds to pay developers to audit a fucking contract that the founders have plenty enough money and VC backing to do so. But nope, they raid the treasury. Which again, would be fine if it was an actual DAO and if their pre-approved validators decide to fuck them over they have no method to claw back users ETH.” Lastly, they auction off legit front running exactly like Robinhood PFOF through their preferred MEV flash bots.

    So no, I’m not excited about a protocol that has gone against core crypto fundamentals, increased risk in the space, and really have no real purpose other than to offer securities to a service that’s already under huge scrutiny for being a security (LPing stakes for an “APR”lmao).


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