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 a further 95,616 ETH between June 24 and July 1. This elevated the full worth of belongings staked on the platform by 1.26%, reaching $33.48 billion.
Throughout this era, Lido led in internet Ethereum deposit inflows, surpassing centralized exchanges like Binance and Gate.io and the quickly rising liquid restaking challenge Ether.fi.
The platform additionally revealed vital exercise in its wrapped staked ETH (wstETH) on Layer 2 networks like Scroll, Base, Arbitrum, Optimism, and so on. The full 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 keeping with official documentation, CSM will combine a various vary of Node Operators, together with Solo stakers, into the community. The module will even permit permissionless entry for node operators. It added:
“The ultimate goal for this module is to allow for permissionless entry to the Lido on Ethereum Node Operator set and enfranchise solo-staker participation in the protocol, increasing the total number of independent Node Operators in the overall Ethereum network.”
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 permit solo staking to turn out to be extra enticing and accessible for curiosity validators by introducing “reasonably low bond for Node Operators” and requiring “no secondary token collateral.”
The module is in early adoption mode on the Holesky testnet and is predicted to transition to a permissionless state on July 11, 2024.