Ethereum staking protocol LidoFinance will sunset its staking program on Polkadot and kusamanetwork due to a lack of growth and adoption. Reporting by oknightcrypto.
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.that allows users to use staked ether 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.The Lido DAO 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.
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