Celsius Transfers $781M Worth stETH As Lido Enables Withdrawals


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As per the reports, on May 15, a transaction for 428,015 stETH (Lido staked Ether) to the Lido staked Ethereum wallet was spotted and it seems that the wallet belongs to Celsius Network.

No Delay for Celsius

At the time of transfer, this was valued $781 million, which some believe is in preparation for withdrawal.

This news indicates that Celsius does not want to delay in transferring its stake in Ethereum tokens from liquid staking provider Lido, which has only recently authorized withdrawals.

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Staking Directly Bypassing Lido

As reported by Simon Dixon, a Bitcoin pioneer and Celsius creditor, the lending platform may be “lining up for staking directly without Lido in the middle.” He also mentioned that it may be loan collateral for the company’s reorganization plans.

Celsius sent 40,928 ETH to a smart contract named “Figment ETH2 Beacon Depositor 1” this week, according to blockchain intelligence firm Arkham Intelligence. According to Etherscan, this was subsequently migrated to the Ethereum Beacon Chain deposit contract on May 12.

Lido Resumes Withdrawal on May 15

With a protocol update to v2, Lido, which charges a 10% staking commission, authorized withdrawals on May 15. The company explained: 

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“Lido V2 introduces two major components, with the most user-facing aspect being Ethereum withdrawals. This allows Ethereum stakers with Lido to directly unstake ETH through the protocol.”

Furthermore, Lido Finance just surpassed MakerDAO as the most popular Decentralised Finance (DeFi) protocol according to TVL, and it recently achieved another important milestone by recording its very first highest daily stake inflow ever. 

“Lido protocol has registered its largest daily stake inflow so far with over 150,000 ETH staked,” Lido Finance tweeted. 

Celsius Got Offers From Gemini and Coinbase

Regarding the Celsius Auction, which was slated on April 25 in New York, the insolvent business got new offers from two multinational corporations, 

Gemini and Coinbase. Notably, following the company’s filing of bankruptcy in July, legal documents showed that the corporation had commitments in excess of $6.7 billion and assets in excess of $43.9 billion, leaving a $2.8 billion imbalance on the balance sheet.

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