Lido on Solana Announces Sunset Plan
Lido (LDO), a prominent protocol within the Solana ecosystem, has recently made the decision to discontinue its operations in the coming months. This announcement follows extensive discussions and voting by the Lido decentralized autonomous organization (DAO) community.
Reasons for Sunset Decision
The decision to sunset Lido on Solana was made after careful consideration of the protocol’s achievements, challenges, and prospects. The development team presented two scenarios to the Lido DAO: continuing development with financial support or initiating the sunset process. Ultimately, winding down Lido on Solana was determined to be the most appropriate course of action for the success of the broader protocol ecosystem.
The journey with Lido on Solana protocol has been momentous, filled with challenges overcome and milestones celebrated. While this marks the end of this particular chapter, the optimism of Lido contributors for the future of Solana remains undiminished.
Implications for Users
Users of the protocol on Solana will continue to receive network rewards throughout the sunsetting process. Additionally, until February 4, 2024, stSOL token holders can unstake their tokens using the Lido frontend. After this date, unstaking will transition to the Command Line Interface (CLI).
Impact on Node Operators
The sunsetting process will also affect node operators within the Solana network. Staking will be discontinued on October 16, 2023, voluntary node operator off-boarding will commence on November 17, 2023, and frontend support will conclude on February 4, 2024.
Gratitude and Optimism for Solana Ecosystem
The protocol expressed gratitude to Solana stakers, builders, and ecosystem partners for their support. While this chapter comes to a close, the optimism for the future of the Solana ecosystem among Lido contributors remains steadfast.
Hot Take: LDO Token Performance
As of the current writing, LDO is trading at $1.58, with a slight decrease of 0.3% over the past 24 hours. However, the token has shown positive performance over longer timeframes, with a 4.8% profit in the past 7 days and a 3.4% increase over the last 30 days.
Featured image from Shutterstock, chart from TradingView.com
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