Lido will issue NFTs linked to user withdrawal ETH

2023-03-29 07:54:04

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ChainCatcher news, the liquid staking protocol Lido has announced an NFT issuance plan linked to user withdrawal requests for ETH, with each NFT serving as a request to unstake their ETH. These withdrawals will be enabled after the Ethereum Shanghai upgrade next month.

Lido product manager Mariya Muzyko stated at the meeting that users can withdraw stETH on Lido and receive ETH at a 1:1 ratio, which will be divided into two steps: request and claim. Once users request a withdrawal, they will receive an NFT issued by Lido that represents their withdrawal request. Users can then use the NFT to claim their ETH rewards. The NFT is destroyed once the user redeems and claims their ETH.

Each withdrawal request NFT is transferable, meaning users can transfer the NFT to another address, granting that new address the right to claim the corresponding ETH rewards. If users decide to sell their NFT on the secondary market, Lido stated that it will not charge any royalties from the sale. The withdrawal period takes approximately 1 to 5 days to process, depending on the amount of stETH in the withdrawal and the total number of requests. (CoinDesk)

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Lido ETH NFT

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