Lido to Cease Liquid Staking Services on Polkadot and Kusama Starting August
MixBytes (the team supporting Lido Finance) has announced that its Liquid Staking services on Polkadot and Kusama will officially be discontinued as of August 1, 2023.
In the announcement, MixBytes explained that the growth of Liquid Staking on these two networks "did not meet the requirements to justify continued investment." They shared:
"Macroeconomic challenges and liquidity issues on Polkadot have inadvertently diminished the impact and effectiveness of Liquid Staking."
Lido is a Liquid Staking solution that allows users to utilize Staked Ether (stETH) across various DeFi protocols without sacrificing staking yields.
As of now, deposits into Lido's products on Polkadot and Kusama are no longer possible. On June 22, all assets will be automatically unstaked and returned to users. The services on these two platforms will be officially disabled on August 1.
In total, approximately $4 million worth of DOT and $75,000 worth of KSM are staked on Lido’s platform.
At the time of writing, Lido’s LDO token has risen by 19% in the past 24 hours. Meanwhile, KSM and DOT have increased by 10% and 7%, respectively.
