Share this article
BTC
$77,310.05
-
7.40%ETH
$1,554.03
-
14.26%USDT
$0.9994
-
0.05%XRP
$1.8081
-
15.33%BNB
$548.57
-
7.54%USDC
$1.0001
-
0.02%SOL
$102.46
-
14.92%TRX
$0.2264
-
4.24%DOGE
$0.1428
-
15.03%ADA
$0.5582
-
13.86%LEO
$8.9184
-
2.53%TON
$2.9618
-
9.11%LINK
$11.09
-
13.57%AVAX
$16.07
-
8.43%XLM
$0.2148
-
15.32%SHIB
$0.0₄1113
-
9.87%SUI
$1.8783
-
14.30%OM
$6.0284
-
3.68%HBAR
$0.1362
-
15.15%BCH
$267.16
-
10.29%Sign Up
- Back to menuPrices
- Back to menuResearch
- Back to menu
- Back to menu
- Back to menu
- Back to menuResearch
DeFi Platform Lido to Cease Staking on Polkadot, Kusama in August
The service will be terminated on Aug. 1 with automatic unstaking occurring in June.
Decentralized-finance staking service Lido (LDO) will end its staking program on the Polkadot (DOT) and Kusama (KSM) blockchains on Aug. 1, according to a blog post by pseudonymous Lido developer MixBytes.
MixBytes gave several reasons for stopping the service, such as adoption and growth not meeting the "business case expectations to sustain investment."
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
"Challenged macroeconomic factors and adjacent lack of liquidity in Polkadot's DeFi ecosystem undermined the value proposition of liquid staking," MixBytes wrote.
Lido is a liquid staking protocol that allows users to use staked ether (stETH) on other protocols and blockchains while reaping the staking rewards.
Deposits are no longer being accepted on Polkadot and Kusama, and on June 22, all assets will be automatically "unstaked." The official termination date is Aug. 1.
In total, there is $4 million worth of staked DOT tokens on Lido and $75,000 worth of KSM.
The LDO token is up by 19% over 24 hours at $2.44. KSM rose 10%, and DOT advanced 7%.
Oliver Knight
Oliver Knight is the co-leader of CoinDesk data tokens and data team. Before joining CoinDesk in 2022 Oliver spent three years as the chief reporter at Coin Rivet. He first started investing in bitcoin in 2013 and spent a period of his career working at a market making firm in the UK. He does not currently have any crypto holdings.
