Lido has reported an increase in ethereum staked on its platform despite the US Securities and Exchange Commission (SEC) classifying its staking programs as securities in its lawsuit against Consensys.
ethereum Stake Increase
A July 2 report showed that Lido users staked an additional 95,616 eth between June 24 and July 1. This increased the total value of staked assets on the platform by 1.26%, reaching $33.48 billion.
During this period, Lido led ethereum net deposit inflows, outperforming centralized exchanges such as Binance and Gate.io and the fast-growing liquid rewrite project Ether.fi.
The platform also revealed significant activity on its wrapped staked eth (wstETH) on Layer 2 networks like Scroll, Base, Arbitrum, Optimism, etc. The total number of assets on these blockchains increased by 7.19% to 141,586, bringing the 7-day trading volume to $1.23 billion.
However, the annual percentage rate (APR) for staked eth decreased slightly, falling 0.04% to 2.96%.
Decentralization of nodes
Lido is enhancing decentralization efforts by launching a Community Staking Module (CSM) to promote more decentralized ethereum node operations.
According to the official documentationCSM will integrate a wide range of node operators, including individual participants, into the network. The module will also allow permissionless entry for node operators. He added:
“The ultimate goal of this module is to enable permissionless entry into the pool of Lido node operators on ethereum and entitle individual participants to participate in the protocol, increasing the total number of independent node operators on the ethereum network at large.”
This move would mark a clear departure from its previous approach, which required its DAO to approve a new node operator before onboarding to the platform. However, its current initiative would allow solo staking to become more attractive and accessible to staked validators by introducing “a reasonably low bonus for node operators” and not requiring “any secondary token collateral.”
The module is in early adoption mode on the Holesky testnet and is expected to transition to a permissionless state on July 11, 2024.
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