Amid the U.S. Securities and Exchange Commission (SEC) classifying Lido’s staking programs as securities in its lawsuit against Consensys, the platform saw an increase in staked ETH from June 24 to July 1, as users staked an additional 95,616 ETH, bringing the total value of assets staked on the platform to $33.48 billion, marking a 1.26% increase.
During this time, Lido led in net Ethereum deposit inflows, surpassing centralized exchanges like Binance and Gate.io and the rapidly growing liquidity restaking project Ether.fi.
Lido stETH TVL. Source: Lido
The platform also saw significant activity in wrapped staked ETH (wstETH) on Layer 2 networks such as Scroll, Base, Arbitrum, Optimism, etc. The total 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 has decreased slightly by 0.04% to 2.96%.
Node hierarchy
Lido is ramping up its decentralization efforts by launching the Community Staking Module (CSM) to promote more decentralized Ethereum node activity.
According to document Officially, CSM will integrate various Node Operators, including Solo stakers, into the network. This module will also allow Node Operators to participate without permission.
“The ultimate goal of this module is to enable permissionless access to Lido via the Ethereum Node Operator set and empower Solo stakers to participate in the protocol, resulting in an increase in the total number of independent Node Operators across the Ethereum network.”
The move would mark a clear shift from the previous approach, where a DAO had to approve a new Node Operator before adding it to the platform. However, the current initiative would make single staking more attractive and accessible to interested validators by introducing “reasonable staking for Node Operators” and “no secondary token collateral requirements.”
The module is currently in early adoption on the Holesky testnet and is expected to transition to permissionless status on July 11, 2024.
Itadori
According to Cryptoslate
