$500K worth of stETH redeemed in 3 hours as Lido enables withdrawals By Cointelegraph
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The Lido liquid staking protocol has enabled Ether withdrawals for the first time, according to May 15 data from Parsec Finance. Over 260 Lido Staked Ether (stETH) was redeemed for its underlying Ether (ETH) in the first three hours, worth about $500,000.
Lido is a liquid staking derivatives (LSD) protocol that allows ETH holders to stake their coins with participating validators and earn additional ETH as a reward. When users stake their ETH with Lido, they receive stETH in return. As users earn ETH from staking, their stETH increases in quantity to reflect the additional rewards.
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The Lido liquid staking protocol has enabled Ether withdrawals for the first time, according to May 15 data from Parsec Finance. Over 260 Lido Staked Ether (stETH) was redeemed for its underlying Ether (ETH) in the first three hours, worth about $500,000.
Lido is a liquid staking derivatives (LSD) protocol that allows ETH holders to stake their coins with participating validators and earn additional ETH as a reward. When users stake their ETH with Lido, they receive stETH in return. As users earn ETH from staking, their stETH increases in quantity to reflect the additional rewards.
Continue Reading on Coin Telegraph
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