Lido启动16.5亿美元以太坊验证器升级计划
Lido Finance 已开始将超过 8 万个 ETH 迁移到其 Curated Module v2，这是一个后 Pectra 验证器架构，可能会将以太坊的验证器总数减少大约三分之一。
@丽都财经 has launched its largest protocol upgrade since 2023, beginning the migration of more than 8 million $ ETH, worth roughly $16.5 billion, to its new Curated Module v2 (CMv2) architecture. The move, which the Lido DAO approved on July 23, 2026 following audits and testnet trials, represents a fundamental restructuring of how the dominant liquid staking protocol manages its validator infrastructure.
正在发生哪些变化？为什么会发生变化？
The upgrade is a direct response to Ethereum's Pectra hard fork, activated in May 2025. Pectra introduced 0x02 validators via EIP-7251, raising the maximum effective balance per validator from 32 ETH to 2,048 ETH, enabling large operators to consolidate hundreds of smaller nodes into a far leaner set. Lido is now doing exactly that at scale.
Before the upgrade, Lido needed a massive fleet of validators to manage its position as the dominant liquid staking provider, with each capped at 32 ETH. CMv2 allows those validators to be folded together. The migration will consolidate over 265,000 validators and is expected to take months, paced by Ethereum's activation queue.
The network-level effects are significant. The shift is expected to cut Ethereum's total validator count by about one third and reduce attestation messages by roughly 29% per epoch, easing load on the consensus layer without directly affecting gas fees or transaction speeds. Lido controls a substantial share of all staked ETH, which means its infrastructure decisions carry consequences for the entire network.
New Accountability Requirements for Node Operators
Beyond the technical consolidation, CMv2 introduces a meaningful governance change. For the first time in Lido's five-year history, operators in the curated module will be required to back their performance with locked ETH bonds, adding financial penalties to a system that previously relied on reputation and track record. All 34 curated node operators are expected to complete the migration under the new framework.
Under CMv2, these bonds cover risks including slashing, execution layer reward violations, and operational failures. Lido also noted a minor yield impact: the protocol estimates the migration will reduce annual staking yield by approximately 0.28%, with losses only likely during the brief transition window before balances land on new validators. Holders of stETH do not need to take any action.
来源：
CoinDesk: Lido Begins Moving $16.5 Billion in Staked Ether
The Block: Lido Begins Consolidating $16 Billion Worth of Staked ETH
Bitcoin.com News: Liquid Staking Giant Lido Moves 8 Million ETH Onto New Validators
