Ethereum withdrawals are live on Lido Protocol, allowing users to unstake their stETH 1:1 directly through the Lido UI.
Below, we answer the most important questions surrounding the Lido on Ethereum withdrawal process.
If you have any other questions not addressed here, stop by the Lido Telegram channel and chat!
What are Ethereum withdrawals?
Users can unstake their stETH or wstETH through withdrawals. Upon unstaking stETH, they will receive ETH at a 1:1 ratio. When unstaking wstETH, the unwrapping process will take place seamlessly in the background.
How does the withdrawal process work?
The withdrawal process is simple and has two steps:
Request withdrawal: Lock your stETH/wstETH by issuing a withdrawal request. ETH is sourced to fulfill the request, and then locked stETH is burned, which marks the withdrawal request as claimable.
Claim: Claim your ETH after the withdrawal request has been processed.
How do I withdraw?
Visit stake.lido.fi/withdrawals/request. Choose the amount of stETH/wstETH you wish to withdraw, then click 'Request withdrawal'. Confirm the transaction using your wallet and click 'Claim' once you are ready.
Can I transform my stETH/wstETH to ETH?
Yes, you can transform your wstETH to ETH using the 'Request' and 'Claim' tabs. Note that under the hood, wstETH will unwrap to stETH first, so your request will be denominated in stETH.
When I try to withdraw wstETH, why do I see the stETH amount in my request?
When you request to withdraw wstETH, it is automatically unwrapped into stETH, which then gets transformed into ETH. The main withdrawal period is when stETH is transformed into ETH. That's why you see the amount pending denominated in stETH.
Why is the claimable amount different from my requested amount?
The amount you can claim may differ from your initial request due to slashings and penalties. For these reasons, the total claimable reward amount could be lower than the amount withdrawn.
Is there any minimum or maximum amount of stETH/wstETH I can withdraw?
The request size should be at least 100 wei (in stETH) and at most 1000 stETH. If you want to withdraw more than 1000 stETH, your withdrawal request will be split into several requests, but you will still only pay one transaction fee.
Is there a fee for withdrawals?
There’s no withdrawal fee, but as with any Ethereum interaction, there will be a network gas fee. Lido does not collect a fee when you request a withdrawal.
How long does it take to withdraw?
On Request tab interface, you can see the current estimation of the withdrawal waiting time for new requests:
The withdrawal request time depends on the requested amount, the overall amount of stETH in the queue, and other factors.
It will help to evaluate better whether to withdraw via Lido or swap instantly using supported DEX aggregators.
After requesting the withdrawal, you can see the remaining time on Claim tab till your request is fulfilled and be ready to claim:
What are the factors affecting the withdrawal time?
Demand for staking and unstaking.
The amount of stETH in the queue.
Protocols rules of finalization of requests.
Exit queue on the Beacon chain.
Performance of the validator poolside.
The protocol mode (Turbo mode or Bunker mode)
What is Turbo mode?
Turbo mode is a default mode used unless an emergency event affects the Ethereum network. In Turbo Mode, withdrawal requests are fulfilled quickly, using all available ETH from user deposits and rewards.
What is Bunker mode?
Bunker mode is an emergency mode that activates under three worst-case conditions (when penalties are large enough to significantly impact the protocol’s rewards).
Importantly, Bunker mode allows for orderly withdrawals to be still processed, albeit more slowly, during chaotic tail-risk scenarios (e.g. mass slashings or a significant portion of validators going offline).
What scenarios can cause Bunker mode?
Bunker mode is triggered under three conditions when the penalties might be big enough to have a significant impact on the protocol’s rewards:
Mass slashing.
Penalties exceeding rewards in the current period between two Oracle reports.
Lower than expected Lido validators' performance in the current period between two Oracle reports and penalties exceeding rewards at the end of it.
What is slashing?
Slashing is a penalty that affects validators for intentional or accidental misbehavior.
Mass slashing event is when slashing penalties are big enough to have the impact on Protocol's rewards in the current frame or in the future, esp. midterm penalties.
Slashing penalties are spread across stakers and may lower your total reward amount. For more information, check out What Are Staking/Validator Penalties.
Do I still get rewards after I withdraw?
No. After you request a withdrawal, the stETH/wstETH submitted for unstaking will not receive staking rewards on top of your submitted balance.
If Bunker mode happens when I've already submitted a withdrawal request, do I need to wait longer?
Most often, the stETH/wstETH withdrawal period will be from 1-5 days. However, if any scenarios cause Bunker mode to happen, this could be extended.
What is the Lido NFT?
Each withdrawal request is represented by an NFT: the NFT is automatically minted for you when you send a request. You will need to add it to your wallet to be able to monitor the request status. When the request is ready for the claim, the NFT will change it's appearance.
Why did my NFT not change view when my request became ready to claim?
Maybe your wallet doesn’t support the automatic changing of the NFT view. To renew the NFT, you can import the Address and Token ID of your NFT, and it could change it's appearance to a new “Ready to claim” one.
Why can't I see the NFT in the mobile version of MetaMask?
Unfortunately, MetaMask does not support the visibility of NFTs on mobile. To monitor the status of your request, you can check the browser version of MetaMask.
Can I sell my Lido withdrawal NFT?
You can indeed sell your Lido withdrawal NFT, e.g., on OpenSea. Please note that there's inherent value to the Lido withdrawal NFT - the value of the withdrawal claim - and as such, that's why there is strong advice not to sell your NFTs below the redemption/claim value.
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