Are You A Lido User? What The Shanghai Upgrade Changes For You

2023-4-15 12:23


Things to know:

– Ethereum’s Shanghai upgrade is now live. This much awaited software upgrade implements EIP-4895, allowing validators to withdraw their staked ETH. 

– Retrieving your staking rewards through Ledger Live with Lido is not immediate. You will not be able to unstake and withdraw your staking rewards before May 2023.

– Lido is one of our partner apps in Ledger Live’s Discover section, allowing you to stake your Ethereum assets from the security of our ecosystem.

While the upgrade is live, Ledger Live Lido users will be able to withdraw their staked ETH from their Ledger Live app at will from May 2023. stETH holders will be able to unstake their stETH and in return receive ETH at a 1:1 ratio.

Withdrawals will be handled through the following Request and Claim process:

Request: A user locks stETH as a withdrawal request. Fulfillment: The protocol sources ETH to fulfill the withdrawal request, locks the ETH, burns the locked stETH, and marks the withdrawal request as claimable. Claim: The user claims their ETH.

This support article will let you know everything on how to stake Eth with Lido through Ledger Live. 

What Is The Shanghai Upgrade?

Ethereum’s Shanghai upgrade is a hard fork. This software upgrade implements EIP-4895, allowing validators to withdraw their staked ETH. So far, the staked coins remain blocked on the protocol, meaning that users couldn’t retrieve their rewards. 

As the upgrade is now live, validators will be able to:

Unlock and withdraw their staking rewards. Unstake ETH and gain access to their entire balance. Earn rewards that will be distributed automatically.  Re-stake to sign back up and start earning more rewards. 

The Shanghai upgrade also includes three other improvement proposals that tackle high gas fees, slow transaction processing time, and the overall performance of the network.

You can read our Ledger Academy article to learn more about the implications of this important software upgrade.

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