.LidoFinance, the biggest liquid staking platform on the Ethereum network, unveiled plans to incorporate NFTs in its unstaking process during a community call today. reports.
Ether withdrawals on Lido, where users can unstake their stETH and receive ETH at a 1:1 ratio, will have two steps: request and claim, according to Mariya Muzyko, product manager at Lido, during the call Tuesday afternoon. Once a user requests a withdrawal, they will receive a Lido-issued NFT representing their withdrawal request. The user can then use the NFT to claim their ETH rewards. The NFT is burned after the user redeems and claims their ETH.
Each withdrawal-request NFT will be transferable, which means users can transfer the NFT to another address, giving this new address the right to claim the corresponding ether rewards. If a user decides to sell their NFT on secondary markets, Lido said it will not take a royalty percentage from the sale.
Withdrawal periods will take roughly one to five days to process, depending on the amount of stETH in the withdrawal and the number of total requests, according to the community call.Adds information about the Shanghai update in the first paragraph.
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