Lido sunsets Solana staking as a result of lack of funds; halts deposits efficient instantly

The staff 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 one of the best 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 mission’s termination. On the time, the validator emphasised that it will be tough for the mission to realize its goals with out correct funding.

Regardless of this resolution, Lido nonetheless supplies staking companies for Polygon (MATIC) and Ethereum (ETH).

Timeline for sunsetting Solana staking

Lido says it will cease accepting deposits for staking Solana efficient instantly.

Whereas stSOL holders will proceed to obtain rewards, the staff warned that it will 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 may 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.

In keeping with its web site, the protocol has staked over $14 billion value 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.