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DeFi Platform Lido to Cease Staking on Polkadot, Kusama in August

Decentralized finance (DeFi) staking service Lido will end its staking program on Polkadot and Kusama on August 1 due to adoption and growth not meeting "business case expectations to sustain investment," according to Lido developer MixBytes. The move follows challenged macroeconomic factors and a lack of liquidity in Polkadot's DeFi ecosystem, MixBytes noted. Lido is a liquid staking protocol that allows users to use staked ether (stETH) on other protocols and blockchains while reaping the staking rewards. Deposits are no longer being accepted on Polkadot and Kusama, and on June 22 all assets will be automatically unstaked.

(By Oliver Knight)

Lido DAO Lido DAO $1.41
+2.05%
DeFi Polkadot
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