Lido will cease development and operational support for Polkadot and Kusama on August 1

2023-03-29 19:11:47

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ChainCatcher news, the liquid staking protocol Lido tweeted that it has reached an agreement with its partner MixBytes on Polkadot to stop development and operational support for the Lido protocol on Polkadot and Kusama starting from August 1, 2023.

MixBytes stated that Lido on Polkadot and Kusama faces several key challenges, failing to meet financial expectations, including data related to protocol adoption and growth not meeting expectations, macro market factors leading to a lack of liquidity in the Polkadot DeFi ecosystem, and Lido's resource tilt towards Ethereum.

Starting from March 15, Lido on Polkadot and Kusama has stopped accepting new staking deposits. Existing $stDOT and $stKSM holders will continue to receive rewards until June 15. Redemptions will also stop on June 15. On June 22, assets will be automatically unstaked from the relay chain and transferred to the parachain on July 24, where users can only claim from the protocol UI. On August 1, the protocol will officially cease operations.

In addition, MixBytes also stated that it is evaluating the possibility of technically supporting a native liquid staking solution focused on Polkadot and Kusama. (source link)

Related tags

Lido Polkadot Kusama

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