Lido Releases Progress Update for V2: Replacing Withdrawal Vouchers and Staking Router

On April 6th, Lido released a progress update for the V2 version: The preparation work for replacing the withdrawal voucher has been completed, and all withdrawal voucher messages have been successfully signed (from 0x00 voucher to 0x01 voucher). After the upgrade in Shanghai is completed, message broadcasting can be conducted to complete the voucher replacement. It is understood that the replacement of withdrawal vouchers and the Stacking Router are the two main focuses of Lido v2.

Lido has released a progress update for the V2 version, and the preparation work for replacing the withdrawal voucher has been completed

Introduction

Lido, the decentralized platform that provides liquidity to staked assets on Ethereum 2.0, recently released an update on the progress of its V2 version. According to the update, the preparation work for replacing withdrawal vouchers has been completed, and message broadcasting can be conducted to complete the voucher replacement once the upgrade in Shanghai is finished. Along with this, the replacement of withdrawal vouchers and the Staking Router are two main areas of focus for Lido V2.

What are Withdrawal Vouchers?

Withdrawal vouchers are a feature of Lido V1 that are used to withdraw staking rewards. These vouchers are signed messages that are generated by Lido nodes and can be redeemed for ETH. However, in the current system, each Lido node has its own voucher version, which has led to a lack of consistency and complexity in the redemption process.

The Need for Replacing Withdrawal Vouchers

To address the issue of inconsistency and complexity in the redemption process, Lido V2 is set to replace withdrawal vouchers. The replacement involves bringing all the Lido nodes onto the same voucher version, which will simplify the process and make it more efficient. The complete voucher replacement will be done after the upgrade in Shanghai is completed, which will allow message broadcasting to be conducted.

Staking Router

Apart from voucher replacement, the other main focus of Lido V2 is the Staking Router. The Staking Router is responsible for routing user deposits and withdrawals to the best available staking options. In Lido V1, the Staking Router was hard-coded, which meant that it could not be changed easily. However, in V2, Lido has made the Staking Router flexible, enabling it to be updated and modified as per the requirements.

Benefits of Lido V2

The replacement of withdrawal vouchers and the flexible Staking Router in Lido V2 have several advantages. Firstly, it will make the withdrawal process simpler and more efficient. Secondly, it will help in reducing the complexity of the current redemption process. Thirdly, it will improve the overall experience of the users. Lastly, it will make Lido more efficient and scalable, which will be beneficial for its future growth and expansion.

Conclusion

Lido V2 is set to bring significant improvements to the Lido platform. With the replacement of withdrawal vouchers and the flexible Staking Router, users can expect a smoother and more efficient experience. The progress update indicates that Lido is making steady progress towards the provision of a top-class liquid staking environment.

FAQs

1. Can users still use Lido V1 after the release of V2?
Yes, users can continue to use Lido V1. However, it’s recommended to switch to Lido V2 to enjoy its benefits.
2. What are the further future developments planned by Lido?
Lido is planning to introduce several new features to further streamline its platform. These include optimizing the Staking Pools, enabling users to earn reward tokens, and much more.
3. How can I get started with liquid staking on Lido?
To get started with Lido, users can visit its official website and follow the simple instructions. They can also join the Lido Discord community for more information and support.