SOL
by BSC News
October 17, 2023
Community voting strongly favored the phased shutdown option, and Lido's staking services will now focus solely on Ethereum and Polygon networks.
Lido, a prominent multi-platform staking solution, has recently announced the gradual discontinuation of its operations on the Solana protocol. In an official blog post on October 16, the team disclosed the comprehensive plan that would ultimately result in the termination of Lido's presence on Solana.
The decision to wind down Lido on Solana was proposed by Yuri Mediakov and the Peer-to-peer (P2P) team in a detailed proposition on Sept. 4. This plan involved a carefully orchestrated phase-out process over several months, accompanied by a dedicated monthly allocation of $20,000 to manage maintenance costs.
The proposal was put up for community discussion, leading to a resounding majority in favor of the phased shutdown strategy.
Despite investing approximately $700,000 and generating $220,000 in revenue, Lido's Solana operations have reportedly incurred a net loss of $484,000.
Commencing from November 17, the voluntary process of node operator off-boarding is set to initiate, marking the beginning of the end for Lido on Solana. By February 4, 2024, the Solana Frontend support will cease to function, allowing unstaking solely through the Command Line Interface (CLI). As of October 16, Lido is no longer accepting new stake requests, so existing users are encouraged to act quickly to avoid any inconveniences.
Lido's journey with Solana has come to an end, but the platform remains firmly committed to Ethereum and Polygon. Notably, Lido's staking services continue to thrive on these networks, boasting staked amounts of $14 billion and $80 million, respectively.
Disclaimer
Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article
Related News
Latest News
0h : 28m ago
Japan’s Metaplanet Adopts Bitcoin as Reserve Asset Amid Yen's Decline
May 11, 2024
Weekly Article Recap: 5/06-5/10
May 10, 2024
IMF Urges Nigeria to License Crypto Exchanges for Enhanced Regulation
May 10, 2024
Ethereum Network Activity Cools Off: Will $ETH’s Price Go Any Farther This Month?
May 10, 2024
Binance and KuCoin Eyes Return to India with FIU Registration
May 9, 2024
DWF Labs Market Manipulation Allegations: What We Know
May 9, 2024
JPMorgan Predicts SEC's Robinhood Notice Won't Block Ethereum ETF Approvals
May 9, 2024
Donald Trump Opens Presidential Campaign to Crypto Donations
More News