Flow

Future

Solana

Polygon

MN Coin

Lido Finance (LDO) had announced its withdrawal from the <a href="https://coin-turk.com/solana-sol-avalanche-avax-ve-litecoin-ltc-fiyat-analizi" data-wpel-link="internal" rel="noopener noreferrer nofollow">Solana</a> network. Following this, a new idea emerged among community members. A proposal was made to abandon the liquid staking protocol on the leading Layer-2 blockchain, <a href="https://coin-turk.com/bu-altcoin-temmuzdan-beri-deger-kaybediyor-geriye-donus-baslayacak-mi" data-wpel-link="internal" rel="noopener noreferrer nofollow"></a><a href="https://en.coin-turk.com/polygon-wallets-not-belonging-to-polygon-foundation/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Polygon</a> (<a href="https://coin-turk.com/220-gunluk-direnci-asan-altcoin-buyuk-ralli-basliyor-mu" data-wpel-link="internal" rel="noopener noreferrer nofollow"></a><a href="https://en.coin-turk.com/whats-next-for-polygon-matic-coin-when-will-it-be-1/" data-wpel-link="internal" rel="noopener noreferrer nofollow">MATIC</a>).
<h2 style="text-align: justify" id="is-matic-coming-to-an-end-after-solana">Is Matic Coming to an End After Solana?</h2>
The proposer, Kentie, emphasized multiple points about the proposal. According to the data presented by Kentie, the total value locked (TVL) on Polygon is at $86 million. Additionally, the network generates an annual fee of $166,863 for Lido DAO. Kentie highlighted the significant LDO token incentives spent over a year and expressed the opinion that the return on investment (ROI) is inadequate.
Kentie also referred to past bad experiences. Reminding that the protocol halted withdrawals on Polygon for 25 days, Kentie stated that Lido carries a reputational risk and added:
<blockquote>
 Although we were lucky to not have any FUD during this period, it seems to pose a reputational risk for a protocol with $15 billion worth of assets.
</blockquote>
In addition, Kentie shared the uncertainties in Polygon’s roadmap and stated:
<blockquote>
 In short, I propose sinking Lido on Polygon to be a local <a href="https://en.coin-turk.com/ethereum-founder-vitalik-buterin-doubles-down-on-covid-research-funding-key-announcements/" data-wpel-link="internal" rel="noopener noreferrer nofollow">ETH</a> liquid staking provider and avoid taking risks from smaller pockets of TVL.
</blockquote>
<h2 style="text-align: justify" id="matic-price-and-future">Matic Price and Future</h2>
According to data obtained from 21milyon.com, at the time of writing, MATIC coin was trading at $0.5232. The price movements observed on the daily chart indicated that spot market traders had been short-selling the cryptocurrency since October 11. Furthermore, the True Strength Index (TSI) was also confirming this trend.
<img decoding="async" class="aligncenter size-full wp-image-268529" src="https://coin-turk.com/wp-content/uploads/2023/10/matic-sol-usdt.png" alt="" width="781" height="406">
The data obtained from the indicator showed that the TSI line touched the lower zone of the signal line on October 11 and has remained below the signal line since then.
The negative momentum in MATIC has led to significant sell-offs in the past ten days. The Relative Strength Index (RSI), an important indicator for cryptocurrencies, was showing 48.04 at the time of writing. The Money Flow Index (MFI) was close to the oversold zone at 34.90.
Similarly, at the time of writing, MATIC’s Chaikin Money Flow (CMF) indicator was showing a negative value of -0.19, indicating a downward trend. The decrease in the CMF indicator suggests a liquidity outflow and a decline in the market.
<div class="sorumluluk_reddi" style="text-align: justify">Disclaimer: The information provided in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and should conduct their own research when making transactions.
</div> Continue Reading: <a href="https://en.coin-turk.com/lido-finance-withdraws-from-solana-focuses-on-polygon/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/lido-finance-withdraws-from-solana-focuses-on-polygon/</a>

Lido Finance Withdraws from Solana, Focuses on Polygon

Table of Contents

COINTURK NEWS

Other articles published on Oct 20, 2023

Umbro Announces Exclusive Partnership with One Future Football

Coinbase Chief Legal Officer Says the SEC Will Approve a Bitcoin ETF Soon

Spot Bitcoin ETF Google Searches Spike As Industry Confidence Prevails

AI Partnership Announcement by UMG to Protect Artist’s Rights

Unfazed Bitcoin breaks $30,000 mark, causing market liquidations

Binance to temporarily suspend Ethereum deposits and withdrawals

Join our free newsletter for daily crypto updates!