# Withdrawal queues: a claim today and settlement later

A withdrawal queue separates asking to exit from receiving the underlying asset. Its rules determine when a request can be finalized and claimed. In Lido’s documented queue, a request creates an NFT representing the claim, finalization reserves ether, and the current NFT owner claims it afterward. A successful request is therefore not the same as an immediate ether payment.

Evidence: [WithdrawalQueueERC721](https://docs.lido.fi/contracts/withdrawal-queue-erc721/)

Canonical: https://degreesofsatoshi.com/encyclopedia/defi-withdrawal-queues/
Published: 2026-10-02
Substantively modified: 2026-10-02
Independently verified by an automated reviewer: 2026-10-02T18:19:48.887Z
Data current through: 2026-10-02

AI-assisted research and drafting with a separate automated source-verification pass; no external expert or named human review is implied.

## Key facts

- **Receipt:** Lido’s unstETH NFT represents the withdrawal request and claim ownership. ([WithdrawalQueueERC721](https://docs.lido.fi/contracts/withdrawal-queue-erc721/))
- **Stages:** Request, finalization and claim are separate steps. ([WithdrawalQueueERC721](https://docs.lido.fi/contracts/withdrawal-queue-erc721/))
- **Waiting exposure:** Queued stETH stops earning rewards for the requester while specified loss exposure remains. ([WithdrawalQueueERC721](https://docs.lido.fi/contracts/withdrawal-queue-erc721/))

## Track the request’s state

A holder requests an exit using stETH or wstETH and receives a request NFT. Until finalization, that receipt represents a pending claim rather than ether already paid to the holder.

For example, an interface can correctly show a completed request transaction while the request remains unclaimable. Check the request’s finalization and claim status instead of relying on the original transaction’s success alone.

Evidence: [WithdrawalQueueERC721](https://docs.lido.fi/contracts/withdrawal-queue-erc721/)

## Finalization depends on protocol conditions

Lido’s documentation lists available ether, elapsed time and loss conditions among the factors used to finalize batches. A position in the queue does not establish a guaranteed completion timestamp.

The documented payout is capped by the stETH amount at request, and large losses can reduce the final amount. Rewards earned by the locked stETH while waiting do not accrue to the requester.

Evidence: [WithdrawalQueueERC721](https://docs.lido.fi/contracts/withdrawal-queue-erc721/)

## Follow the claim receipt as well as the deposit

The request NFT can be transferred. Once finalized, the current owner can claim the reserved ether, and claiming burns the NFT. Giving away the receipt can therefore give away the claim.

Other protocols may use different receipts, delays and cancellation rules. This example explains Lido’s mechanism, not a universal withdrawal workflow across DeFi.

Evidence: [WithdrawalQueueERC721](https://docs.lido.fi/contracts/withdrawal-queue-erc721/)

## Questions

### Is selling a liquid staking token the same as entering its withdrawal queue?

No. A market sale exchanges the token under the market’s price and liquidity conditions. A protocol withdrawal follows its request, finalization and claim rules.

Evidence: [stETH integration guide](https://docs.lido.fi/guides/lido-tokens-integration-guide/); [WithdrawalQueueERC721](https://docs.lido.fi/contracts/withdrawal-queue-erc721/)

## Claims and scope

### defi-withdrawal-queues-quick-answer

A withdrawal queue separates asking to exit from receiving the underlying asset. Its rules determine when a request can be finalized and claimed. In Lido’s documented queue, a request creates an NFT representing the claim, finalization reserves ether, and the current NFT owner claims it afterward. A successful request is therefore not the same as an immediate ether payment.

Scope: {"collection":"defi","dataAsOf":"2026-10-02","blockHeight":null}

### defi-withdrawal-queues-fact-receipt

Receipt: Lido’s unstETH NFT represents the withdrawal request and claim ownership.

Scope: {"collection":"defi","dataAsOf":"2026-10-02","blockHeight":null}

### defi-withdrawal-queues-fact-stages

Stages: Request, finalization and claim are separate steps.

Scope: {"collection":"defi","dataAsOf":"2026-10-02","blockHeight":null}

### defi-withdrawal-queues-fact-waiting-exposure

Waiting exposure: Queued stETH stops earning rewards for the requester while specified loss exposure remains.

Scope: {"collection":"defi","dataAsOf":"2026-10-02","blockHeight":null}

## Sources

- [WithdrawalQueueERC721](https://docs.lido.fi/contracts/withdrawal-queue-erc721/) — Lido. Withdrawal request receipts, finalization and separate claims. Locator: Request; Finalization; Claim. Retrieved: 2026-10-02T17:03:45.624Z.
- [stETH integration guide](https://docs.lido.fi/guides/lido-tokens-integration-guide/) — Lido. Rebasing balances, wrapped shares and asynchronous withdrawal accounting. Locator: stETH; wstETH; Withdrawal queue. Retrieved: 2026-10-02T17:03:45.519Z.

## Revision history

- 2026-10-02: First publication after primary-source research and independent automated verification.

## Cite this entry

Degrees of Satoshi editorial project. “Withdrawal queues: a claim today and settlement later.” Published 2026-10-02; updated 2026-10-02. https://degreesofsatoshi.com/encyclopedia/defi-withdrawal-queues/