• Celsius is removing its stash of staked ETH from the Lido liquid staking platform.
• The withdrawal process will be completed in batches of 1000, with the value of the tokens in queue for withdrawals standing at around $808 million.
• Lido has enough ETH in its buffers to handle the wave of withdrawal requests.

Celsius Removing Stashed ETH From Lido

Embattled crypto lending firm Celsius is wasting no time in removing its stash of staked ETH (stETH) tokens from the liquid staking platform Lido. The withdrawal process will be carried out in batches of 1000, with the value of the tokens in queue for withdrawals standing at around $808 million.

Lido’s Protocol Upgrade

Lido has just enabled withdrawals, and Celsius could face a prolonged wait before it can get its hands on the staked ETH. On the 15th of May, eagle-eyed watchers identified a transaction on Celsius wallets for around 428,015 staked ETH to the Lido staked ETH wallet. Now Celsius has initiated the process of withdrawing its stash from the protocol. According to data from Etherscan, Celsius has requested the withdrawal of around 428,984 stETH. Blockchain Intelligence firm Arkham Intelligence had stated that Celsius had transferred nearly 41,000 ETH into a smart contract called “Figment ETH2 Beacon Depositor 1” which was then moved to Ethereum Beacon Chain deposit contract.

Enough Buffer For Withdrawal Requests

Lido accounts for nearly 29% of all staked ETH, valued at over $11 billion. Once the withdrawal process has been completed, Celsius will receive an equal value in ETH while Lido will burn corresponding staked ETH tokens. According to data from Dune Analytics,the amount of stETH in queue for withdrawal is steadily growing with current number at 442000 from 141 requests and total amount already processed stands at 1858ETH according to Dune .Lido added that it had more than enough Ethin its buffers to handle waveofwithdrawalrequests .The liquidstakingprotocolupdatedusers throughitsTwitteraccount ,stating ,“Atthetimeofwriting ,theLidoprotocolhas ≈440 000ETHavailableintheprotocolbuffers .Therecoveryprocesswill takeupto12hoursandwedonotexpectanydelaysduringthisperiod .”

Celsius Could Face Prolonged Wait For Stashed Ethers

Celsius Moving Fast Celsius’sstashedEthsvaluationatcurrent pricesisaround$784millionAt presentitremainsunclearwhetheror notCelsiushasreceivedcourtapprovalfor transferringandstakingitsEthersonbeacon chainusingFigmentNetworkLidohas enabledwithdrawalso nthe15thMaythroughaprotocolupgradeAsperdatafromDuneAnalytics ,thetotalamountalreadyprocessed standsat1858EtheraccordingtoDune SofarCelsiushasrequestedtowithdraw arround428984steTHfromlidoprotocol andwillreceiveanequivalentvalueinETHandlidowillburncorrespondingstakeETHTokens


Itappearsthatthewaveofwithdrawalshas alreadystartedAsperdatafromDuneAnalytics ,theamountofstEthinthequeuefor withdrawalissteadilygrowingwithcurrentnumberat442000from141requestsThevaluedofthetokensinthequeuetoreceived withdrawwillstandataround$808millionWithmorethanenoughbufferavailableinth epoolthelidoprotocolshouldhavefacilitatedsmoothtransfersforalltherequestswithoutanydelay