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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 improve
A July 2 report confirmed that Lido customers staked an extra 95,616 ETH between June 24 and July 1. This elevated the whole worth of property 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 entire variety of property 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 Charge (APR) for staked ETH decreased barely, dropping 0.04% to 2.96%.
Node decentralization
Lido is enhancing decentralization efforts by launching a Neighborhood 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 can even permit permissionless entry for node operators. It added:
“The last 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, rising the whole variety of unbiased Node Operators within the general 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 permit 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.