The Great Ethereum Escape: What Celsius is Up To
In a bold move that has crypto enthusiasts buzzing, Celsius, the beleaguered crypto lender, seems to be making a calculated shift away from Lido’s recently opened withdrawal feature. It’s almost as if they’re trying to catch the next bus while their old one breaks down on the side of the road.
A Staggering Transfer: What’s in the Wallet?
On May 15, the blockchain sleuths struck gold when they spotted a hefty transaction involving 428,015 stETH (staked Ether via Lido). At the time, this staggering amount had a value of about $781 million. Was it a casual Sunday stroll or more of a moonwalk to freedom from Lido? Your guess is as good as mine!
The Test Run: Just a Smidge of stETH
As if practicing for the big leagues, Celsius conducted a test withdrawal of a mere 0.1 stETH shortly after the big transfer. Talk about trying to break the ice! This small transaction might signify Celsius’s preliminary steps toward full-fledged withdrawals.
Direct Staking? A Proposal on the Table
According to Bitcoin veteran and Celsius creditor, Simon Dixon, this maneuver could potentially pave the way for Celsius to stake directly, eliminating Lido from the equation altogether. You could say Celsius is looking to trade in its middleman for a more direct relationship—because who likes sharing their toys anyway?
New Developments on the Horizon
Details are still emerging, but it’s worth noting that Celsius has reportedly transferred 40,928 ETH to a smart contract intriguingly named “Figment ETH2 Beacon Depositor 1.” This move, completed on May 12, shows that Celsius is keeping the wheels turning. With Lido taking a 10% commission for staking and a newly launched withdrawal functionality, Celsius may be reevaluating its options.
The Bigger Picture: What Lies Ahead?
Currently, Lido is managing a whopping 6.27 million ETH, representing 29% of all staked Ether. But with the withdrawal queue showcasing 54,046 ETH pending, one cannot wonder how the ecosystem will shift in favor of those who want to pull out. While confidence in Celsius may be fluctuating like Bitcoin prices, all eyes will be on their upcoming updates and court hearings.
