Celsius adds nearly 429K stETH to Lido’s lengthening withdrawal queue

Bankrupt crypto lending steadfast Celsius is anxious to get its staked Ether (ETH) stash backmost from liquid staking level Lido which enabled withdrawals this week.

Celsius initiated the process of withdrawing its Lido Staked ETH (stETH) from the protocol. According to transaction data it has requested the withdrawal of 428,840 stETH successful batches of 1,000.

The stash is valued astatine astir $784.7 cardinal astatine existent prices. The determination follows a transaction of a akin magnitude of stETH connected May 15 successful mentation for withdrawal.

Once the withdrawal process is complete, Celsius volition person the equivalent successful Ethereum and the stETH tokens volition beryllium burnt by Lido.

According to Dune Analytics, the cumulative magnitude of stETH successful the withdrawal queue is 442,000 from 141 requests. It is valued astatine astir $808 cardinal though Celsius is liable for the bulk of it. The full magnitude already processed is 629 ETH, according to Dune.

Lido withdrawal requests betwixt May 15 and 17. Source: Nansen.ai

On May 16, Lido stated it had capable ETH successful its buffers to sorb the requests.

— Lido (@LidoFinance) May 16, 2023

However, larger numbers of Ether withdrawal requests from Lido volition person an interaction connected the web withdrawal queue — which is simply a dynamic process. Lido is the largest staking supplier with a marketplace stock of astir 30% truthful Celsius could beryllium successful for a agelong hold to get its ETH backmost if requests increase.

Related: 3 reasons wherefore Lido DAO terms jumped 40% successful a week

Research expert astatine 21Shares, Tom Wan, suggested that if unstaking requests exceeded 10% it could origin a larger fig of validator exits. This would perchance pb to longer queues for withdrawals.

The superior whitethorn beryllium utilized arsenic portion of Celsius restructuring efforts oregon to partially repay immoderate of its $4.7 cardinal debts to creditors.

In precocious February, the crypto lender converted 22,962 wrapped Bitcoin (WBTC) into Bitcoin (BTC) successful a transaction valued astatine astir $540 cardinal astatine the time.

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