Lido Finance, a decentralized liquid staking technology, is ceasing operations on the Solana blockchain.
Lido Finance, a decentralized liquid staking technology, is ceasing operations on the Solana blockchain. This decision was made after a vote at Lido's decentralized autonomous organization (DAO). Due to unsustainable financials and low fees generated on Solana, the proposal to sunset Lido was initiated. On October 6, the voting process finished with token holders voting in favor of stopping.
As a result, beginning October 16, Lido will no longer accept staking requests on Solana. Off-boarding of voluntary node operators begins on November 17, with users needing to unstake on Solana's interface by February 4. Lido noted that the decision, while tough, was judged important for the sustainability of Lido's ecosystem.
Lido's staking services now exclusively operate on Ethereum and Polygon, with significant amounts staked on both platforms.
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