The most recent statement made by Lido addressed the platform’s shift towards decentralisation and self-custody. This move was a reaction to prior complaints over the platform’s level of centralisation. The update included an explanation of the stages that Lido will take to become a completely trustless protocol, the first of which is withdrawal key rotation.
Protocol progress unveiled
The latest information includes a detailed explanation of each stage and its bearing on the overall trajectory of the procedure. Despite this major change, there does not seem to be a discernible rise in the token’s value.
An update on withdrawal key rotation:
– dc4bc audit (published)
– Withdrawal key-rotation ceremony (started)
– First key-rotation message (signed)
— Lido (@LidoFinance) March 17, 2023
The most recent update by Lido contains details about the procedure for unlocking and withdrawing Ethereum that was staked before July 2021. The most recent report described the procedures that would be taken to guarantee that the process is carried out without a hitch.
In addition, the update indicated that eight problems had been fixed, and there were no major difficulties to mention. Also, Lido indicated that notifications relating to these modifications would be provided when the Shapella hard fork occurs.
LDO supply slight drop
In the middle of March, LDO’s smart contract supply experienced a minor decline from 45.74 to 45.09 percent, while there was a slight increase in transfer rates. Despite an overall bullish trend in the cryptocurrency market, LDO’s price remained weak, and it was traded at a discount compared to its weekly high.
Due to a lack of interest from investors, the coin could not maintain its position above the 50-day moving average and needed to have significant momentum. Both inflows and outflows of exchange have slowed, although outflows continue to be greater than inflows. Low trading volumes indicate poor whale activity; accumulation may be discouraged because of the ambiguity surrounding the sale of staked monies.