Liquid staking app Lido has started moving the bulk of its staked $ETH onto Ethereum’s larger post-Pectra validators, and the operators running them are now putting up their own capital for the first time.
The main idea is that Lido’s curated node operators stop running thousands of identical 32 $ETH validators and collapse them into far fewer, much larger ones.
$16B in $ETH Moved
Moreover, Ethereum’s Pectra hardfork, activated in May 2025, raised the maximum effective balance per validator to 2,048 tokens through what are known as 0x02 credentials. Curated Module v2 is the piece of Lido Core that now supports them natively (Phase 1 went live on Monday).
The scope is the Curated Module itself, the permissioned operator layer that has handled well over 90% of Lido’s staked $ETH since the protocol launched in 2020. That covers more than 265,000 existing validators and more than 8 million $ETH, worth about $16 billion.
It’s worth knowing Lido is doing this in a tighter market. As CryptoPotato reported, its revenue fell roughly 25% last year, and its share of all staked $ETH slid from more than 28% in 2024 to just over 24% in December 2025.
No Longer Trust, Operators Now Must Post Bonds
Basically, trust alone is no longer enough, and operators have skin in the game. This means they have to lock up their own $ETH as collateral, so if they get or fail operationally, that $ETH is taken.
Their bond is smaller than in Lido’s permissionless modules because they’re still considered more trustworthy than open applicants. The governance update also removes unnecessary DAO votes for routine administrative tasks like changing an operator address, reducing bureaucracy.
The migration will take months because Ethereum limits how quickly validators can exit and be restaked. While they’re offline, they stop earning rewards, which Lido estimates will cost about 738.5 $ETH. The 117-day figure is the fastest Ethereum theoretically allows, while six months is the practical estimate.
