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ETH Lido migrates US$16 billion worth of pledged ETH to Pectra Era Verifier
Liquidity pledge application Lido has begun to transfer most of its pledged ETH to Ethereum Pectra's upgraded large verifiers, and operators of these validators need to invest their own funds for the first time.
The core idea ofis that the node operators selected by Lido no longer run thousands of the same 32ETH validators, but instead merge them into smaller, larger validators.
US$16 billion ETH migration completed
In addition, Ethereum's Pectra hard fork was activated in May 2025, increasing the maximum valid balance of each verifier to 2048 tokens through so-called 0x02 certificates. Selected module v2 is the part of Lido's core components that natively supports this new feature (the first phase was launched on Monday).
This adjustment involves the select module itself-since the launch of the agreement in 2020, the licensing operator layer has processed more than 90% of Lido's pledged ETH. This covers more than 265,000 existing validators and more than 8 million ETH's worth approximately US$16 billion.
It is worth noting that Lido is advancing this measure against the background of a tightening market environment. According to reports, its revenue fell by about 25% last year, and its share of all pledged ETH also fell from more than 28% in 2024 to just over 24% in December 2025.
No longer rely solely on trust, operators need to pay a deposit
In essence, trust alone is no longer enough, and operators must bear the actual risks. This means they need to lock up their ETH as collateral, and these ETH will be deducted in the event of a violation or operational error.
The margin amount is lower than the requirement in the Lido Unlicensed Module because they are still considered more trustworthy than public applicants. The governance update also eliminates unnecessary voting on day-to-day administrative matters such as changing operator addresses, thereby reducing bureaucratic processes.
The migration process will take several months because Ethereum has limits on the speed at which validators can exit and re-pledge. While the validators are offline, they will stop generating revenue, which Lido estimates will cost approximately 738.5 ETH. In theory, the maximum speed allowed for Ethereum is 117 days, while actual estimates are six months.
