Lido has reported an increase in staked Ethereum on its platform regardless of the US Securities and Change 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 an extra 95,616 ETH between June 24 and July 1. This elevated the overall worth of belongings staked on the platform by 1.26%, reaching $33.48 billion.
Throughout this era, Lido led in web Ethereum deposit inflows, surpassing centralized exchanges like Binance and Gate.io and the quickly rising liquid restaking venture Ether.fi.
The platform additionally revealed important exercise in its wrapped staked ETH (wstETH) on Layer 2 networks like Scroll, Base, Arbitrum, Optimism, and many others. The entire variety of belongings 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 Group Staking Module (CSM) to advertise extra decentralized Ethereum node operations.
In line with official documentation, CSM will combine a various vary of Node Operators, together with Solo stakers, into the community. The module will even enable permissionless entry for node operators. It added:
“The final word objective 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 total 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 enable solo staking to develop into extra engaging and accessible for curiosity validators by introducing “fairly 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.
