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When the Lido withdrawal began, Celsius transferred $781 million in stETH.

Collapsed cryptocurrency lenders have transferred large amounts of Ethereum at stake.

It looks like troubled cryptocurrency lender Celsius is moving its Ethereum staking tokens as quickly as possible from liquid stacking platform Lido, which recently made withdrawals possible.

A transaction for 428,015 stETH (Lido staking Ether) to an Ethereum wallet that Lido staked was found in the Celsius wallet on May 15th. Some think a large cache was transferred in anticipation of a draw because it was worth $781 million at the time.

On-chain evidence suggests that Celsius made a 0.1 stETH test withdrawal a few hours after.

Simon Dixon, Bitcoin pioneer and Celsius creditor, claims that Celsius might “line up to be gambled directly without Lido in the middle.” He noted that it might also serve as loan collateral for Celsius’ reorganization efforts.

The smart contract called “Figment ETH2 Beacon Depositor 1” received a 40,928 ETH payment from Celsius last week, according to blockchain intelligence firm Arkham Intelligence. On May 12, according to Etherscan, this was transferred to the Ethereum Beacon Chain deposit contract.

With the protocol upgrade to V2, Lido, which charges a 10% staking commission, the official drawdown on May 15th.

The feature most users use from the two main components of Lido V2 is Ethereum withdrawal. As a result, Lido users who stake Ethereum can easily offload it via the protocol.

Currently, 6.27 million ETH worth approximately $11.3 billion, or 29% of all ETH staked, is held by Lido.

According to on-chain analytics firm Nansen, there are currently 54,046 ETH in the withdrawal queue, excluding Celsius deposits.

Post When the Lido withdrawal started, Celsius moved $781 million in stETH. first appeared on BTC Wires.

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