Lido has started moving roughly $16 billion in staked ETH onto larger Pectra-compatible validators following Ethereum’s May 2025 hardfork. The protocol is consolidating over 265,000 validators managing 8 million ETH into larger 2,048 ETH validators using the new 0x02 credentials. Operators must now post their own ETH as collateral, moving away from the previous trust-only model. This migration is occurring amid challenging conditions for Lido, with revenue falling 25% last year and its share of staked ETH declining from 28% to 24% between 2024 and 2025. The operation will take between 117 days and six months, with an estimated cost of 738.5 ETH in foregone staking rewards.
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