The second version update of Lido Finance, the largest liquid staking platform operating in the Ethereum ecosystem, has been successfully completed.
The upgrade vote, which started last Friday, was completed at around 20:00 Türkiye time. Almost the entire Lido community has approved the V2 update. The platform was upgraded to the second version right after the decision process was over.
Why Did Lido Finance Upgrade to V2?
The Merge update, which took place in September 2022, resulted in Ethereum's transition to a PoS (proof of stake) system. After the ETH network started working with staking, startups like Lido gained great popularity.
Liquid staking solutions allowed investors who want to lock ETH to the system and earn income, to continue their transactions through receipts. The Shapella upgrade, which took place in the past days, came into our lives to withdraw the staked ETH tokens.
Lido Finance, on the other hand, submitted the second version for community approval in order to start the withdrawal process in parallel with the Shapella update. The developers followed Shapella 1 month behind to avoid any problems with security.
