Lido Will No Longer Provide Liquid Staking On Polkadot And Kusama From August

Key Points:

• According to the website’s official release, Lido will cease providing Liquid Staking services on Polkadot and Kusama in August 2023.
• MixBytes cited the reason for the service’s discontinuation as “the development speed of this service on the two networks mentioned above does not meet the requirements to continue pouring investment resources.”

MixBytes (the entity that supports the development of Lido Finance) has stated that the Liquid Staking service on two platforms, Polkadot and Kusama, would be discontinued from August 1, 2023.

In addition, MixBytes stated in the aforementioned release that the development speed of this service on the two networks described above “does not meet the requirements to continue pouring investment resources.” “Macroeconomic challenges and depleted liquidity on Polkadot have inadvertently reduced the impact and effectiveness of Liquid Staking,” according to this organization.

On August 1st, 2023, Lido on Polkadot and Kusama will no longer get development or operational support from the developer. If you would want more information on the procedure and the schedule, please visit this website: https://t.co/7WmdnRhFPm.

Lido is a Liquid Staking solution that enables users to use Staked Ether (stETH) in a number of DeFi protocols without having to sell up staking earnings. Lido was developed by the Liquid Staking team.

The ability to recharge Lido products on Polkadot and Kusama is now unavailable. On June 22, all assets will be unstaked automatically and given back to their respective users. On August 1, the services that were previously offered on these two platforms will be terminated for good.

On the Lido platform, there is an approximate total of $4 million placed in DOT and $75,000 staked in KSM. As of the time of this publication, the price of a Lido LDO token has increased by 19% during the past 24 hours. On the other side, KSM and DOT both increased their sales by 7% and 10%, respectively.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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