The End of Solana Staking on Lido Finance
The team behind Lido Finance has made the decision to sunset Solana staking after a community vote resulted in over 90% of token holders choosing to discontinue the service. The sunsetting process will take place gradually over the next few months.
Reasons for Discontinuation
Lido Finance cited financial constraints as the primary reason for winding down the project. As a result, they will no longer accept new staking requests for Solana tokens. The decision was made after extensive discussions on the Lido DAO forum, and it was deemed necessary for the overall success of the broader Lido protocol ecosystem.
The Proposal and Options Considered
The decision to phase out Lido on Solana came after a proposal submitted by the development team, P2P validator. The proposal outlined the achievements, challenges, and future prospects of Lido on Solana. Two options were presented: to continue funding the project with $1.5 million or to end the project entirely.
Immediate Discontinuation of SOL Staking
Although the sunsetting process will occur gradually, staking on Solana has been discontinued immediately. Node operators can begin voluntarily off-boarding from November 17th, 2023. However, stSOL token holders will still receive rewards during the winding down process. Unstaking through the Lido on Solana frontend will cease on February 4th, 2024.
A Fond Farewell to Solana Stakers
Lido Finance expressed gratitude towards Solana stakers, builders, and ecosystem partners. They emphasized that this decision does not reflect a lack of belief in the potential and longevity of the Solana ecosystem. While the chapter of Lido on Solana may be closing, the team remains optimistic about the future of Solana.
Lido Finance had previously discontinued liquid staking on Polkadot and Kusama as well.
Hot Take: Lido Finance Ends Solana Staking Following Community Vote
Lido Finance has announced the discontinuation of Solana staking after a community vote favored ending the service. The decision was influenced by financial constraints, leading to the gradual sunsetting of the project. While staking on Solana has ceased immediately, the winding down process will take place over the next few months. Lido Finance expressed gratitude to Solana stakers and partners and emphasized their ongoing belief in the potential of the Solana ecosystem. This move follows Lido Finance’s previous winding down of liquid staking on Polkadot and Kusama.
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