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Home»DeFi»Lido Finance to discontinue its products on Polygon starting Dec. 16
DeFi

Lido Finance to discontinue its products on Polygon starting Dec. 16

December 17, 2024No Comments2 Mins Read
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Lido Finance, a prominent player in the decentralized finance (DeFi) space, has recently announced its decision to discontinue staking operations on the Polygon network. This strategic shift, scheduled to take effect on December 16, 2024, reflects the protocol’s focus on optimizing its services on the Ethereum blockchain.

The move to sunset Lido’s operations on Polygon follows a community vote and extensive discussions within the Lido DAO. Challenges such as low user adoption, limited staking rewards, and the evolving nature of the Polygon ecosystem, specifically the transition to zkEVM technology, have contributed to this decision.

Starting December 16, 2024, the interface for Lido on Polygon will cease accepting new staking transactions. Users will have until June 16, 2025, to unstake their MATIC tokens through Lido’s interface. After this deadline, withdrawals will only be possible through blockchain explorer tools. During a temporary pause in operations between January 15 and January 22, 2025, stMATIC token holders will not receive staking rewards.

It is crucial for users to unstake their assets before the June 16, 2025, deadline to ensure a smooth transition. With a total value locked (TVL) of $38.4 billion as of December 2024, Lido Finance remains committed to adapting to market changes and prioritizing its services on the Ethereum network.

As Lido Finance streamlines its operations and focuses on Ethereum, users are encouraged to stay updated on the latest developments and take necessary actions to manage their staked assets effectively. The protocol’s decision to discontinue its Polygon products underscores its dedication to delivering efficient and sustainable DeFi solutions in a rapidly evolving ecosystem.

See also  Ethereum price will hit $10k as ETH scarcity narrative 'strong in practice,' 1confirmation's Tomaino says
Dec discontinue Finance Lido Polygon products Starting
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