Unsustainable financials and low fees generated by Lido on Solana were two of the main reasons for the sunsetting.
Decentralized liquid staking protocol Lido Finance has announced a decision to cease operations on the Solana blockchain following a community vote in Lido’s decentralized autonomous organization.
The proposal to sunset Lido on Solana was first put forward by Lido’s peer-to-peer team on Sept. 5, citing unsustainable financials and low fees generated by Lido on Solana. Voting commenced on Sept. 29 and finished a week later on Oct. 6.
“After extensive DAO forum discussion followed by community vote, the sunsetting of the Lido on Solana protocol was approved by Lido token holders and the process will begin shortly,” Lido explained in an Oct. 16 post.
Lido will not be accepting staking requests as of Oct. 16. Voluntary node operator off-boarding will begin on Nov. 17 and Lido users will need to unstake on Solana’s frontend by Feb. 4.
“After this date, unstaking will need to be done using the CLI,” Lido added.
After extensive DAO discussion followed by community vote, the sunsetting of Lido on Solana was approved by LDO holders and will begin shortly.
— Lido (@LidoFinance) October 16, 2023
More information here: https://t.co/MyImL1qpap
The earlier proposal saw Lido seeking $20,000 per month from Lido DAO to support technical maintenance efforts involved with sunsetting operations on Solana over the next five months.
Lido’s P2P team has been working on the Lido on Solana project since acquiring it in March 2022 from Chorus One.
Since the takeover, the P2P team has invested about $700,000 into Lido on Solana and made $220,000 in revenue, resulting in a net loss of $484,000, according to the mediakov, the author of the proposal.
The alternative in the Sept. 5 proposal was to provide more funding to Solana from Lido DAO — however 65 million (92.7%) of the 70.1 million LDO tokens (voted by token holders) were in favor of sunsetting operations on Solana instead, according to open-source voting platform Snapshot.
Lido explained the decision was a difficult but necessary one to make:
“Whilst this decision was difficult in the face of numerous strong relationships across the Solana ecosystem, it was deemed a necessity for the continued success of the broader Lido protocol ecosystem.”
Lido confirmed that staked-Solana (stSOL) token holders will continue to receive network rewards throughout the sunsetting process.
Related: Lido Finance discloses 20 slashing events due to validator config issues
Lido’s staking services are now only supported on Ethereum and Polygon, where $14 billion and $80 million are staked, respectively, according to Lido’s website.
Lido launched on Solana on Sept. 8, 2021, when SOL was priced at $189 — an 87% fall from its current price of $24, according to CoinGecko.
Despite the news, SOL is up 8.6% over the last 24 hours.
Magazine: DeFi Dad, Hall of Flame: Ethereum is ‘woefully undervalued’ but growing more powerful
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marcushenderson624
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09.10.25 11:05
marcushenderson624
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09.10.25 11:05
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12.10.25 01:12
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12.10.25 21:36
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robertalfred175
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14.10.25 08:46
robertalfred175
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14.10.25 08:46
robertalfred175
CRYPTO SCAM RECOVERY SUCCESSFUL – A TESTIMONIAL OF LOST PASSWORD TO YOUR DIGITAL WALLET BACK. My name is Robert Alfred, Am from Australia. I’m sharing my experience in the hope that it helps others who have been victims of crypto scams. A few months ago, I fell victim to a fraudulent crypto investment scheme linked to a broker company. I had invested heavily during a time when Bitcoin prices were rising, thinking it was a good opportunity. Unfortunately, I was scammed out of $120,000 AUD and the broker denied me access to my digital wallet and assets. It was a devastating experience that caused many sleepless nights. Crypto scams are increasingly common and often involve fake trading platforms, phishing attacks, and misleading investment opportunities. In my desperation, a friend from the crypto community recommended Capital Crypto Recovery Service, known for helping victims recover lost or stolen funds. After doing some research and reading multiple positive reviews, I reached out to Capital Crypto Recovery. I provided all the necessary information—wallet addresses, transaction history, and communication logs. Their expert team responded immediately and began investigating. Using advanced blockchain tracking techniques, they were able to trace the stolen Dogecoin, identify the scammer’s wallet, and coordinate with relevant authorities to freeze the funds before they could be moved. Incredibly, within 24 hours, Capital Crypto Recovery successfully recovered the majority of my stolen crypto assets. I was beyond relieved and truly grateful. Their professionalism, transparency, and constant communication throughout the process gave me hope during a very difficult time. If you’ve been a victim of a crypto scam, I highly recommend them with full confidence contacting: 📧 Email: [email protected] 📱 Telegram: @Capitalcryptorecover Contact: [email protected] 📞 Call/Text: +1 (336) 390-6684 🌐 Website: https://recovercapital.wixsite.com/capital-crypto-rec-1
15.10.25 18:07
crypto
Cryptocurrency's digital realm presents many opportunities, but it also conceals complex frauds. It is quite painful to lose your cryptocurrency to scam. You can feel harassed and lost as a result. If you have been the victim of a cryptocurrency scam, this guide explains what to do ASAP. Following these procedures will help you avoid further issues or get your money back. Communication with Marie ([email protected] and WhatsApp: +1 7127594675) can make all the difference.
15.10.25 21:52
harristhomas7376
"In the crypto world, this is great news I want to share. Last year, I fell victim to a scam disguised as a safe investment option. I have invested in crypto trading platforms for about 10yrs thinking I was ensuring myself a retirement income, only to find that all my assets were either frozen, I believed my assets were secure — until I discovered that my BTC funds had been frozen and withdrawals were impossible. It was a devastating moment when I realized I had been scammed, and I thought my Bitcoin was gone forever, Everything changed when a close friend recommended the Capital Crypto Recover Service. Their professionalism, expertise, and dedication enabled me to recover my lost Bitcoin funds back — more than €560.000 DEM to my BTC wallet. What once felt impossible became a reality thanks to their support. If you have lost Bitcoin through scams, hacking, failed withdrawals, or similar challenges, don’t lose hope. I strongly recommend Capital Crypto Recover Service to anyone seeking a reliable and effective solution for recovering any wallet assets. They have a proven track record of successful reputation in recovering lost password assets for their clients and can help you navigate the process of recovering your funds. Don’t let scammers get away with your hard-earned money – contact Email: [email protected] Phone CALL/Text Number: +1 (336) 390-6684 Contact: [email protected] Website: https://recovercapital.wixsite.com/capital-crypto-rec-1
15.10.25 21:52
harristhomas7376
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