Decentralized finance staking service supplier Lido (LDO) is winding down its Solana (SOL) staking product as we speak, Oct. 16, as a result of it lacks funds to maintain the undertaking, in keeping with a weblog assertion from its crew.
The crew revealed that it got here to this resolution after an in depth DAO discussion board dialogue and a neighborhood vote that favored the sunsetting of Lido on Solana.
“After a lot dialogue and a vote by Lido DAO members, it was determined that the perfect plan of action can be to wind down Lido on Solana.”
In September, the Lido P2P validator accountable for the Solana blockchain requested monetary help from the Lido DAO or, alternatively, the undertaking’s termination. On the time, the validator emphasised that it might be tough for the undertaking to attain its aims with out correct funding.
Regardless of this resolution, Lido nonetheless gives staking companies for Polygon (MATIC) and Ethereum (ETH).
Timeline for sunsetting Solana staking
Lido says it might cease accepting deposits for staking Solana efficient instantly.
Whereas stSOL holders will proceed to obtain rewards, the crew warned that it might terminate help to its Solana frontend by February 2024. After this date, stakers should use the Command Line Interface (CLI) to unstake their belongings.
In the meantime, node operators can voluntarily begin leaving the platform by November 17.
Data on the protocol’s web site confirmed that the unstaking course of would possibly take as a lot as three days to finish.
Lido is the dominant liquid staking protocol enabling customers to earn rewards by staking belongings on numerous protocols and blockchains.
Based on its web site, the protocol has staked over $14 billion price of digital belongings and disbursed greater than $700 million in rewards. Its Solana platform has staked over 2.3 million SOL, valued at roughly $55 million.
Lido’s resolution is approaching the heels of an analogous one it made in March to finish its staking program on the Polkadot (DOT) and Kusama (KSM) blockchains.
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