Celsius Transfers $781m Worth of stEth Just as Lido Allows Withdrawals

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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.

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