Celsius has added almost 429,000 staked ETH to the queue for withdrawals at Lido.

Celsius, the crypto lender in bankruptcy, is aiming to reclaim a vast amount of its staked ETH, though it might face delays.

Celsius As a prominent player in the crypto lending space, Celsius is eager to recover its staked Ether. Withdrawals from Lido became feasible on Wednesday, and based on transaction data, Celsius has withdrawn Lido Staked ETH (stETH). They've made sizable requests, totaling 428,840 stETH, which is worth approximately $784.7 million at current market rates.

After the completion of the withdrawal, Lido will receive the equivalent Ethereum, while the stETH tokens will be canceled out. Celsius In conjunction with the 442,000 stETH already in the withdrawal queue stemming from 141 requests, Celsius’s total value is currently estimated at $808 million. So far, 629 ETH has been processed, as outlined by Dune analytics.

About Lido

From May 15 to 17, Lido Withdrawals were confirmed, with Lido stating on May 16 that it had sufficient ETH reserves to handle all requests. As of now, the Lido protocol is well-equipped. ≈440,000 ETH in the protocol buffers.

There is a chance that Celsius will see a surge in withdrawal requests for Ether from Lido; this could lead to an increase in the withdrawal queue—a constantly changing metric. If the volume of requests escalates, Celsius could face extended wait times for their ETH.

If the number of unstaked requests surpasses the 10% threshold, according to research analyst Tom Wan from 21Shares, it's likely that longer wait times will follow. Additionally, this capital might be allocated toward restructuring efforts for Celsius or even used to partially settle some of its $4.7 billion debts to creditors. Earlier this year, in a significant $540 million move, the crypto lender converted 22,962 wrapped Bitcoin (WBTC) back to Bitcoin (BTC). suggested Opera has rolled out a powerful new analytic tool for NFTs, named DegenKnows, and has also extended its support to networks like NEAR, Elrond, and Fantom.

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