Lido, the leading liquidity staking protocol, has just announced its cessation of operations on Polygon after receiving approval from the community through voting. This decision stems from Lido facing challenges with user numbers, limited rewards, and high maintenance costs. Furthermore, the development of zkEVM solutions has reduced the demand for staking on Polygon PoS.

The cessation process will begin on December 16, 2024, with a withdrawal period extending until June 16, 2025. Users are encouraged to withdraw MATIC before the deadline to avoid disruptions. Lido had previously ceased operations on Solana due to financial concerns. 🌐