Last Updated on May 17, 2023 by Bitfinsider
On May 15, a transaction for 428,015 stETH (Lido staked Ether) to the Lido staked Ethereum wallet was identified on Celsius wallets. At the time of the transfer, the enormous cache was valued at $781 million, which some believe is in preparation for withdrawal.
A few hours later, on-chain data indicates that Celsius performed a test withdrawal of 0.1 stETH.
According to Bitcoin pioneer and Celsius creditor Simon Dixon, Celsius may be “lining up for staking directly, without Lido in the middle.” It could also serve as loan collateral for the reorganisation plans of Celsius, he added.
Arkham Intelligence, a blockchain intelligence company, noted that Celsius transferred 40,928 ETH to a smart contract named “Figment ETH2 Beacon Depositor 1” last week. According to Etherscan, this was transferred to the Ethereum Beacon Chain deposit contract on May 12.
Lido, which charges a 10% staking fee, enabled withdrawals on May 15 by upgrading to protocol version v2.
Lido controls 29% of all staked Ether, or 6.27 million ETH worth approximately $11.3 billion.
According to on-chain analytics company Nansen, there are presently 54,046 ETH in the withdrawal queue, which excludes the Celsius stash.
How to buy or trade LDO on ProEX
You can buy or trade LDO on ProEX. As ProEX frequently holds campaigns and events, you should check out its event page here to see if you can participate and win rewards as you trade.
On ProEX, you can trade LDO as a spot pair (LDO/USDT) in 3 simple steps:
- Sign up and register an account on ProEX
- Buy USDT via ProEX One-click Buy
- Trade LDO/USDT at ProEX Spot
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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.
