Lido Finance to discontinue its merchandise on Polygon beginning Dec. 16 – CoinJournal

Lido Finance to discontinue its merchandise on Polygon beginning Dec. 16 – CoinJournal

  • Lido Finance will finish Polygon staking operations beginning December 16, 2024.
  • Customers should unstake MATIC earlier than June 16, 2025, to keep away from utilizing explorer instruments.
  • The choice is because of low adoption, zkEVM transition, and give attention to Ethereum.

Lido Finance, the most important liquid staking protocol within the decentralized finance (DeFi) ecosystem, has introduced plans to sundown its staking operations on the Polygon community.

The choice, finalized by a neighborhood vote and in depth discussions throughout the Lido DAO, marks a strategic shift in focus towards Ethereum.

What has brought about the sunsetting?

The choice stems from a number of challenges confronted by Lido on Polygon since its inception in 2021, following a proposal by Shard Labs.

Regardless of preliminary optimism, the Lido on Polygon product struggled with restricted consumer adoption, inadequate staking rewards, and the resource-intensive nature of sustaining operations.

The transition of the Polygon ecosystem towards zkEVM expertise additional lowered the demand for liquid staking options, diminishing Lido’s impression as a foundational DeFi part.

Moreover, governance resolutions resembling GOOSE and reGOOSE emphasised Lido’s strategic precedence to give attention to Ethereum, contributing to the reevaluation of its presence on Polygon.

Discontinuing Lido on Polygon

The method of discontinuation begins on December 16, 2024, when the interface for Lido on Polygon will now not settle for new staking transactions.

Customers will then have a six-month transition interval, ending on June 16, 2025, to withdraw their staked MATIC by Lido’s interface. After this era, withdrawals will solely be accessible by way of blockchain explorer instruments.

All through the sunsetting course of, stMATIC token holders will now not obtain staking rewards. Between January 15 and January 22, 2025, Lido’s operations on Polygon will briefly pause, throughout which withdrawals won’t be attainable.

Customers are strongly suggested to unstake their property earlier than the June 16, 2025, deadline to make sure a clean transition.

Lido Finance, with a complete worth locked (TVL) of $38.4 billion as of December 2024, stays a dominant participant within the liquid staking market. Whereas discontinuing its Polygon merchandise, the protocol’s determination underscores its dedication to adapting to market modifications and prioritizing its Ethereum-based providers.

Supply hyperlink

author avatar
Crypto Dunia
bitcoin
Bitcoin (BTC) $ 107,243.73 0.11%
ethereum
Ethereum (ETH) $ 2,433.15 0.48%
tether
Tether (USDT) $ 1.00 0.01%
xrp
XRP (XRP) $ 2.18 3.79%
bnb
BNB (BNB) $ 648.03 0.25%
solana
Solana (SOL) $ 150.64 5.79%
usd-coin
USDC (USDC) $ 1.00 0.01%
tron
TRON (TRX) $ 0.273896 0.29%
dogecoin
Dogecoin (DOGE) $ 0.163534 2.31%
staked-ether
Lido Staked Ether (STETH) $ 2,429.88 0.37%
cardano
Cardano (ADA) $ 0.563384 1.74%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 107,096.69 0.07%
hyperliquid
Hyperliquid (HYPE) $ 37.51 3.61%
wrapped-steth
Wrapped stETH (WSTETH) $ 2,938.90 0.61%
bitcoin-cash
Bitcoin Cash (BCH) $ 491.41 2.16%
sui
Sui (SUI) $ 2.76 1.53%
chainlink
Chainlink (LINK) $ 13.31 2.89%
leo-token
LEO Token (LEO) $ 9.07 0.20%
avalanche-2
Avalanche (AVAX) $ 17.94 3.12%
stellar
Stellar (XLM) $ 0.237743 1.09%
usds
USDS (USDS) $ 1.00 0.00%
the-open-network
Toncoin (TON) $ 2.85 0.38%
whitebit
WhiteBIT Coin (WBT) $ 47.42 2.36%
shiba-inu
Shiba Inu (SHIB) $ 0.000012 2.86%
weth
WETH (WETH) $ 2,433.15 0.40%
litecoin
Litecoin (LTC) $ 86.21 2.24%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,605.23 0.44%
binance-bridged-usdt-bnb-smart-chain
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00 0.02%
hedera-hashgraph
Hedera (HBAR) $ 0.147564 1.37%
monero
Monero (XMR) $ 309.07 0.77%
bitget-token
Bitget Token (BGB) $ 4.63 0.20%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.01%
polkadot
Polkadot (DOT) $ 3.41 2.20%
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 107,287.75 0.13%
uniswap
Uniswap (UNI) $ 7.10 2.41%
pi-network
Pi Network (PI) $ 0.529371 6.22%
pepe
Pepe (PEPE) $ 0.00001 4.85%
aave
Aave (AAVE) $ 257.72 0.41%
dai
Dai (DAI) $ 0.999902 0.01%
ethena-staked-usde
Ethena Staked USDe (SUSDE) $ 1.18 0.01%
aptos
Aptos (APT) $ 4.81 1.05%
okb
OKB (OKB) $ 50.07 0.06%
bittensor
Bittensor (TAO) $ 329.87 1.42%
blackrock-usd-institutional-digital-liquidity-fund
BlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00 0.00%
jito-staked-sol
Jito Staked SOL (JITOSOL) $ 182.36 5.67%
near
NEAR Protocol (NEAR) $ 2.15 3.32%
internet-computer
Internet Computer (ICP) $ 4.81 2.40%
crypto-com-chain
Cronos (CRO) $ 0.080896 0.89%
ethereum-classic
Ethereum Classic (ETC) $ 16.21 0.99%
susds
sUSDS (SUSDS) $ 1.06 0.01%
ondo-finance
Ondo (ONDO) $ 0.758765 2.30%
usd1-wlfi
USD1 (USD1) $ 0.999804 0.00%
tokenize-xchange
Tokenize Xchange (TKX) $ 27.47 0.74%
kaspa
Kaspa (KAS) $ 0.0775 5.91%
mantle
Mantle (MNT) $ 0.605459 1.77%
fasttoken
Fasttoken (FTN) $ 4.40 0.16%
gatechain-token
Gate (GT) $ 15.49 1.65%
cosmos
Cosmos Hub (ATOM) $ 3.98 2.37%
official-trump
Official Trump (TRUMP) $ 9.06 1.42%
vechain
VeChain (VET) $ 0.020788 2.43%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 0.680888 1.77%
sky
Sky (SKY) $ 0.079337 1.07%
lombard-staked-btc
Lombard Staked BTC (LBTC) $ 106,930.65 0.05%
render-token
Render (RENDER) $ 3.22 2.59%
ethena
Ethena (ENA) $ 0.264178 5.73%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.177254 2.16%
quant-network
Quant (QNT) $ 108.85 7.02%
sei-network
Sei (SEI) $ 0.28398 0.39%
filecoin
Filecoin (FIL) $ 2.25 3.65%
arbitrum
Arbitrum (ARB) $ 0.306441 0.38%
algorand
Algorand (ALGO) $ 0.176011 1.73%
jupiter-perpetuals-liquidity-provider-token
Jupiter Perpetuals Liquidity Provider Token (JLP) $ 4.46 2.23%
worldcoin-wld
Worldcoin (WLD) $ 0.886795 2.80%
first-digital-usd
First Digital USD (FDUSD) $ 0.998536 0.05%
binance-peg-weth
Binance-Peg WETH (WETH) $ 2,431.49 0.43%
usdtb
USDtb (USDTB) $ 1.00 0.01%
kucoin-shares
KuCoin (KCS) $ 11.10 0.26%
binance-staked-sol
Binance Staked SOL (BNSOL) $ 159.84 6.20%
jupiter-exchange-solana
Jupiter (JUP) $ 0.447121 10.98%
usdt0
USDT0 (USDT0) $ 1.00 0.04%
spx6900
SPX6900 (SPX) $ 1.29 13.64%
nexo
NEXO (NEXO) $ 1.20 0.47%
flare-networks
Flare (FLR) $ 0.017669 2.28%
rocket-pool-eth
Rocket Pool ETH (RETH) $ 2,771.55 0.41%
bonk
Bonk (BONK) $ 0.000014 8.52%
kelp-dao-restaked-eth
Kelp DAO Restaked ETH (RSETH) $ 2,548.82 0.46%
fartcoin
Fartcoin (FARTCOIN) $ 1.08 8.88%
injective-protocol
Injective (INJ) $ 10.77 2.50%
polygon-bridged-usdt-polygon
Polygon Bridged USDT (Polygon) (USDT) $ 1.00 0.01%
blockstack
Stacks (STX) $ 0.664279 1.75%
celestia
Celestia (TIA) $ 1.48 4.49%
binance-bridged-usdc-bnb-smart-chain
Binance Bridged USDC (BNB Smart Chain) (USDC) $ 0.999997 0.03%
virtual-protocol
Virtuals Protocol (VIRTUAL) $ 1.51 3.34%
kaia
Kaia (KAIA) $ 0.167914 5.44%
sonic-3
Sonic (S) $ 0.309306 1.07%
xdce-crowd-sale
XDC Network (XDC) $ 0.060251 1.21%
paypal-usd
PayPal USD (PYUSD) $ 0.999797 0.00%
optimism
Optimism (OP) $ 0.547704 3.42%
mantle-staked-ether
Mantle Staked Ether (METH) $ 2,598.53 0.37%
solv-btc
Solv Protocol BTC (SOLVBTC) $ 107,160.71 0.26%
Scroll to Top