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Lido Implements NFTs in Ethereum Unstaking Process

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Today’s Cryptocurrency Headline

Liquidity staking protocol Lido has announced an NFT issuance plan, where each NFT represents a user’s ETH withdrawal request. Withdrawals will be enabled next month after the completion of Ethereum’s Shanghai upgrade. Lido’s Product Manager, Mariya Muzyko, stated that users can unstake stETH from Lido and receive ETH at a 1:1 ratio. Once a user requests a withdrawal, they will receive an NFT issued by Lido representing their withdrawal request. Users can then use the NFT to claim their ETH rewards. Once users redeem their ETH, the NFT will be destroyed.

Each NFT is transferable, meaning users can transfer the NFT to another address, granting the new address the right to claim the corresponding ETH reward. Lido indicated that if users decide to sell their NFTs on secondary markets, no royalties will be collected. The withdrawal process takes approximately 1 to 5 days, depending on the amount of stETH being withdrawn and the number of withdrawal requests.

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