Lido Ends Staking on Polygon!
Lido has announced the discontinuation of its staking services on the Polygon PoS network, following a community-approved vote in November. The decision was made due to a combination of challenges, including low user adoption and insufficient rewards.
Users of Lido's staking service on Polygon, which allowed staking of MATIC tokens in exchange for liquid staking tokens known as stMATIC, have been informed that they will be able to withdraw their funds until June 16, 2025. After this date, withdrawals will only be possible through explorer tools.
This change reflects a strategic reorientation by Lido, which is focusing its efforts on Ethereum and more strategic initiatives within the DeFi ecosystem. Lido remains the largest liquid staking protocol for Ethereum, with a Total Value Locked (TVL) of approximately $39.3 billion.
By: CoinTelegraph
