Ethereum withdrawals are live on Lido 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 with us!
General
What are Ethereum withdrawals?
Withdrawals allow users to unstake their stETH/wstETH. In return, stETH holders receive ETH at a 1:1 ratio in most cases, while wstETH holders receive ETH based on the wstETH/stETH ratio when they unstake.
How does the withdrawal process work?
The withdrawal process is simple and has two steps:
Request: Lock your stETH/wstETH by issuing a withdrawal request. ETH is sourced to fulfill the request, and then the locked stETH is burned, marking the withdrawal request as claimable. Under normal circumstances, this can take anywhere between 1-5 days.
Claim: Claim your ETH after the withdrawal request has been processed.
How do I withdraw?
Visit stake.lido.fi/withdrawals and click on the 'Request' tab. 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 is then transformed into ETH (this is the step that takes time). The main withdrawal period is when stETH is transformed into ETH. That's why you see the pending amount 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 For these reasons, the total claimable reward amount could be lower than the amount withdrawn.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.
Withdrawal Speeds
How long does it take to withdraw?
Under normal circumstances, the stETH/wstETH withdrawal period can take anywhere between 1-5 days. After that, you can claim your ETH using the 'Claim' tab.
What are the factors affecting the withdrawal time?
The amount of stETH in the queue.
Performance of the validator poolside.
Exit queue on the Beacon chain.
Demand for staking and unstaking.
What is Turbo mode?
Turbo mode is the 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 still be processed, albeit more slowly, during chaotic tail-risk scenarios (e.g., mass slashings or a significant portion of NO validators going offline).
What scenarios can cause Bunker mode?
Bunker mode is triggered under 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.
Penalties & Rewards
What is slashing?
Slashing is a penalty that affects validators for intentional or accidental misbehavior. A mass slashing event occurs when slashing penalties are significant enough to impact the protocol's rewards in the current frame or in the future, especially midterm penalties. Slashing penalties are spread across stakers and may lower your total reward amount.
What is a negative CL rebase?
A negative CL rebase means that validators' penalties are higher than validators' rewards on the Consensus Layer for a period of observation.
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?
In most cases, the stETH/wstETH withdrawal period will be from 1-5 days. However, if any scenarios cause Bunker mode to happen, this period could be extended.
Lido Withdrawal NFT
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's image will be updated.
Why did my NFT not change view when my request became ready to claim?
Your wallet may not support the automatic update of NFTs. To upgrade the NFT, import the Address and Token ID of the NFT again.
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, we strongly advise you not to sell your NFTs below the redemption/claim value.