As Lido successfully processes withdrawal requests, its token prices begin to surge.
over $10 billion ETH was enabled to be withdrawn from the Lido protocol this week. This has occurred due to the recent launch of Lido v2 which allowed in-protocol withdrawals at a 1:1 ratio for all ETH stakers.The reason for a large amount of ETH being withdrawn from the Lido protocol could be due to the behavior of whale addresses.for withdrawing 428,000 stETH from its protocol. During that period, Celsius contributed 96.8% of the total withdrawal requests on the network.
At press time, Lido had a group of 30 node operators. They were vetted by the team and approved via a governance vote by LDO holders. The nodes are entrusted with the responsibility of acting as validators.The faith in the liquid staking sector’s solvency rose after Lido processed a large number of withdrawals. Due to this, there was a spike in the price of the LDO token. The token saw aLarge addresses contributed immensely to the spike in LDO’s price.
Coupled with that, the network growth for the LDO token has also been on the rise. The rising network growth suggested that new addresses were starting to show interest in the LDO token as well.
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