skip to Main Content
bitcoin
Bitcoin (BTC) $ 98,421.37 0.01%
ethereum
Ethereum (ETH) $ 3,468.23 0.94%
tether
Tether (USDT) $ 0.998795 0.17%
xrp
XRP (XRP) $ 2.28 1.85%
bnb
BNB (BNB) $ 703.06 1.19%
solana
Solana (SOL) $ 197.98 0.12%
dogecoin
Dogecoin (DOGE) $ 0.330793 1.35%
usd-coin
USDC (USDC) $ 0.999655 0.19%
staked-ether
Lido Staked Ether (STETH) $ 3,463.33 0.86%
cardano
Cardano (ADA) $ 0.912403 3.20%

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

Consensus 2023 Logo

Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

CoinDesk - Unknown

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

Consensus 2023 Logo

Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Decentralized finance (DeFi) staking service Lido (LDO) will sunset its staking program on Polkadot (DOT) and Kusama (KSM) on Aug. 1, according to a blog post by Lido developer MixBytes.

MixBytes gave several reasons for stopping the service, with adoption and growth not meeting the “business case expectations to sustain investment.”

“Challenged macro economic factors and adjacent lack of liquidity in Polkadot’s DeFi ecosystem undermined the value proposition of liquid staking,” MixBytes wrote.

Lido is a liquid staking protocol that allows users to use staked ether (stETH) on other protocols and blockchains whilst reaping the staking rewards.

Deposits are no longer being accepted on Polkadot and Kusama, and on June 22 all assets will be automatically unstaked. The official termination date is Aug. 1.

In total there is $4 million worth of staked DOT tokens on Lido and $75,000 worth of KSM.

The Lido DAO (LDO) token is up by 19% over 24 hours at press time, trading at $2.44. KSM and DOT, have risen by 10% and 7% respectively.

Edited by Sheldon Reback.

DISCLOSURE

Please note that our

privacy policy,

terms of use,

cookies,

and

do not sell my personal information

has been updated

.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a

strict set of editorial policies.

CoinDesk is an independent operating subsidiary of

Digital Currency Group,

which invests in

cryptocurrencies

and blockchain

startups.

As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of

stock appreciation rights,

which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG

.

CoinDesk - Unknown

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.


Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


CoinDesk - Unknown

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

Loading data ...
Comparison
View chart compare
View table compare
Back To Top