Lido, a liquid staking protocol on Ethereum, has commenced a significant infrastructure update that involves consolidating more than 8 million ETH—valued at approximately $16 billion to $16.5 billion—into larger validators. The transition centers on Curated Module v2 (CMv2), which the Lido DAO approved in late July 2026. Pectra introduced support for 0x02 withdrawal credentials, allowing individual validators to hold an effective balance of up to 2,048 ETH. Instead, it merges existing balances via Ethereum’s consolidation queue, separate from the standard deposit and activation pathways. A key innovation in CMv2 is the introduction of economic accountability for the 34 professional node operators in the curated module, which handles the vast majority of Lido’s staked ETH.