DeFi Platform Lido to Cease Staking on Polkadot, Kusama in August
TL;DR Lido, a decentralized finance (DeFi) staking service, is sunsetting its staking program on Polkadot (DOT) and Kusama (KSM). The official termination date is Aug. 1, 2021, with all assets being automatically unstaked on June 22. There is $4 million worth of staked DOT tokens and $75,000 worth of KSM on Lido.
Decentralized finance (DeFi) staking service Lido (LDO) will sunset its staking program on Polkadot (DOT) and Kusama (KSM) on Aug. 1, according to a blog post by Lido developer MixBytes.
MixBytes gave several reasons for stopping the service, with adoption and growth not meeting the "business case expectations to sustain investment."
"Challenged macro economic 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 whilst 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.