Solana

Lido Finance, a provider of liquid staking solutions for proof-of-stake cryptocurrencies, has made the announcement that it will discontinue its operations on the Solana blockchain.&nbsp;
<h2 id="span-style-font-weight-400-lido-cites-two-reasons-for-ending-operations-on-solana-span">Lido Cites Two Reasons for Ending Operations on Solana</h2>
As per the report, Lido’s peer-to-peer team initiated a <a href="https://snapshot.org/#/lido-snapshot.eth/proposal/0x37c958cfa873f6b2859b280bc4165fbdf15b1141b62844712af3338d5893c6c8" rel="noopener noreferrer nofollow">proposal</a> to discontinue Lido on Solana on September 5 due to financial unsustainability and low fee earnings. This choice was reached through a community <a href="https://twitter.com/LidoFinance/status/1714006961602101639?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1714006961602101639%7Ctwgr%5Ebb9bee011a9e9038bb9fcd24dee2f4ec8c17b6b8%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fcointelegraph.com%2Fnews%2Flido-finance-wind-down-solana-operations-after-low-fees" rel="noopener noreferrer nofollow">vote</a> within the protocol’s decentralized autonomous organization (DAO).&nbsp;
<h3 id="span-style-font-weight-400-voting-began-on-september-29-span">Voting Began On September 29</h3>
The voting process started on September 29 and concluded one week later on October 6. In a <a href="https://blog.lido.fi/sunset-lido-on-solana/" rel="noopener noreferrer nofollow">post</a> by the the DeFi protocol on October 16, it noted: “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.”
<h2 id="span-style-font-weight-400-lido-to-stop-accepting-staking-requests-span">Lido to Stop Accepting Staking Requests</h2>
Lido has confirmed that, following the implications, it will no longer accept staking requests starting from October 16. The process of voluntary node operator off-boarding is set to commence on November 17, and Lido users are required to unstake their assets on Solana’s frontend by February 4. It states: “After this date, unstaking will need to be done using the CLI.”
The P2P team invested approximately $700,000 in Lido on Solana since the takeover in March 2022. They generated $220,000 in revenue but ended up with a net loss of $484,000, as reported by the proposal’s author, mediakov.
<h3 id="span-style-font-weight-400-solana-in-trouble-span">Solana in Trouble?</h3>
Solana (SOL) appears to be <a href="https://thecoinrise.com/why-ripple-xrp-and-solana-sol-are-falling-while-pomerdoge-pomd-presale-gets-underway/" rel="noopener noreferrer nofollow">dealing with a persistent set of challenges</a>. Earlier this year, the Solana network encountered significant network disruptions. Following this incident, the prominent exchange Bitstamp declared its intention to temporarily suspend trading of Solana (SOL).&nbsp;
Bitstamp’s decision in August was prompted by the dynamic changes in regulatory conditions that could have consequences for Solana (SOL). In addition to Bitstamp, Cardinal has also announced its <a href="https://thecoinrise.com/cardinal-a-prominent-project-on-solana-shuts-shop/" rel="noopener noreferrer nofollow">decision to halt operations on Solana</a> due to the difficult economic conditions.
The post <a rel="noopener noreferrer nofollow" href="https://thecoinrise.com/lido-finance-to-end-operations-on-solana-details/">Lido Finance to End Operations on Solana: Details</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://thecoinrise.com">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

Lido Finance to End Operations on Solana: Details

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