Celsius adds nearly 429K st ETH to Lido’s withdrawal queue
In Brief
The bankrupt crypto lender wants its huge stash of Ether back. It could be waiting for a while though.
The bankrupt crypto lender is seeking to recover its huge stash of ETH staked, but it might be a while.
Celsius, a crypto lending firm, is anxious to retrieve its eth staked Ether from Lido, which enabled withdrawals on Wednesday. According to transaction data, Lido Staked ETH (stETH) has been withdrawn by Celsius. In batches of 1,000, it requested 428,840 stETH, valued at $784.7 million at current prices.
Once the withdrawal process is complete, Lido will receive the equivalent in Ethereum, and the stETH tokens will be burned by Celsius. In addition to the 442,000 stETH that has been received in the withdrawal queue from 141 requests, the value of Celsius is valued at $808 million. So far, 629 ETH has been processed, according to Dune.
About Lido
From May 15 to 17, Lido withdrawals were accepted. Lido said it had enough ETH in its buffers on May 16 to absorb all requests. As of writing, the Lido protocol has ≈440,000 ETH in the protocol buffers.
There is a possibility that more Ether withdrawal requests from Lido will increase the network withdrawal queue—which is a dynamic process—than usual. Moreover, Celsius could be in for a long time without his ETH if the number of requests increases.
So, if the amount of unstaked requests exceeded 10%, research analyst at 21Shares Tom Wan suggested that longer queue times would result. In addition, the capital may be used as a part of Celsius restructuring efforts or to partly repay some of its $4.7 billion debts to creditors. In a $540 million transaction, the crypto lender converted 22,962 wrapped Bitcoin (WBTC) into Bitcoin (BTC) in late February.
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About The Author
Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
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Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
