Lido Finance Pushes Staked ETH Withdrawal to May Due To Pending Audit

• Lido is lagging behind as it prioritizes finishing the V2 audits.
• It is anticipated that mainnet withdrawals would start in the middle of May.

It was revealed on Wednesday by Lido Finance, the biggest Ethereum liquid staking platform, that withdrawals of Lido-staked ETH (stETH) will likely be postponed until May, after the successful completion of all ongoing audits of Lido V2 codes.

On March 15, Lido tweeted an update about the staking mechanism for withdrawing Ethereum that has been staked. Lido is lagging behind as it prioritizes finishing the V2 audits. Instead of helping Ethereum developers get ready for withdrawals ahead of the Shanghai upgrade, which is scheduled for the beginning of April.

With the Ethereum Goerli update, contributors to the Lido DAO have begun testing the Shapella (Shanghai and Capella) capabilities on the Zhejiang testnet. Time spent on audits, however, has slowed down preparations for the Goerli upgrade.

Prioritizing Auditing

Thus, Lido will not be able to complete the update by its planned date. And will push it back to next week. As the Shapella upgrade was triggered on the Goerli testnet. Ethereum core developers noticed that numerous validators hadn’t updated to the current client software updates. Because of this, the update completed 15 epochs later.

Lido claims that it will take node operators three to four weeks to deploy and verify validator exits in their networks. By the end of April, all five audits pertaining to on-chain codes will be finished.

Hence, until all audits are finished, it’s quite unlikely that stETH withdrawal will occur on the mainnet. It is anticipated that mainnet withdrawals would start in the middle of May. In addition, Lido shared that just 2 audits have been completed while 5 more are still underway.