Lido opens larger Ethereum validators with a 32 ETH operator bond

The new module, known as 0x02 CSM, requires operators to post a separate bond while Lido supplies the validator stake independently. This approach allows validators to maintain effective balances beyond the standard 32 ETH minimum, up to a maximum of 2,048 ETH, leveraging Ethereum's 0x02 compounding withdrawal credentials.

Operator Requirements

Operators must bond 32 ETH for their first validator key and 30 ETH for each additional key. Lido estimates a capital multiplier versus solo staking of 2.18 times for a first validator, approaching 2.26 times as more validators are added, assuming full 2,048 ETH effective balances.

Seed Deposits and Rollout

Lido begins with a stake-share limit of 0.01% of Lido Core's total value locked, funding approximately 32 seed deposits. A separate 32-seat queue exists for validators awaiting top-ups, with seeded keys required to activate before becoming eligible for additional funding.

The rollout plan involves initial batch activation followed by proposed capacity increases through Easy Track. Seed deposits receive priority over top-ups, and as validators reach their targets, queue seats become available for new seed deposits.

Network Considerations

Ethereum's entry queue currently shows 1,295,748 ETH waiting to enter with an estimated wait time of 22 days and 23 hours. This network-wide estimate doesn't reflect individual CSM activation dates. Top-ups depend on the module's stake-share limit and deposit demand, with no guarantee a validator will reach its target stake.

Existing operators can continue using the 0x01 CSM alongside the new module. There is no native consolidation-based migration between the two, allowing operators to choose their preferred approach while maintaining flexibility in their staking strategies.