Lido community considers terminating support for Polkadot and Kusama

A recent proposal on Lido's governance forum seeks to end support for staking Polkadot and Kusama tokens.
Dot
March 9, 2023
Ayush Pande

As a tech enthusiast who's always on the prowl for the latest developments concerning crypto and hardware, you can find him covering news stories or tinkering with PCs.

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Photo Source: Lido (Youtube)

A recent proposal on Lido Finance seeks to end support for staking Polkadot (DOT) and Kusama (KSM) tokens.

The proposal stated that MixBytes will stop providing technical support for KSM and DOT protocols to Lido Finance after August 1, 2023. Kosta Zherebtsov, the author of the proposal, noted,

“The decision was made because of several challenges, including market conditions, protocol growth, limited capacity, and priority alignment.”



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As per the proposal submitted on Lido DAO's governance forum, Lido will stop accepting new staking deposits for DOT and KSM assets after March 15. The liquid staking platform will halt reward issuance by June 15 and unstake user holdings for the two tokens the following week. Finally, Lido Finance will officially end support for Polkadot and Kusama protocols at the beginning of August.

Zherebtsov said they will need $20K every month from the Lido DAO to continue technical maintenance until August.

The proposal will impact roughly $24.2M worth of KSM and DOT tokens on Lido’s platform. A community member noted that getting rid of Polkadot is irrational as the token has the highest weekly deposits out of all the coins supported by Lido.

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Ayush Pande

Ayush Pande is a hardware, gaming, and crypto writer based in India. He's a tech enthusiast who's fascinated by the potential of blockchain technology.

Connect with Ayush on LinkedIn

Lido community considers terminating support for Polkadot and Kusama

HomeCrypto staking
Contents
Photo Source: Lido (Youtube)

A recent proposal on Lido Finance seeks to end support for staking Polkadot (DOT) and Kusama (KSM) tokens.

The proposal stated that MixBytes will stop providing technical support for KSM and DOT protocols to Lido Finance after August 1, 2023. Kosta Zherebtsov, the author of the proposal, noted,

“The decision was made because of several challenges, including market conditions, protocol growth, limited capacity, and priority alignment.”



Get Our Free Newsletter

Subscribe to our newsletter to get tips, our favorite services, and the best deals on Bitcompare-approved picks sent to your inbox


As per the proposal submitted on Lido DAO's governance forum, Lido will stop accepting new staking deposits for DOT and KSM assets after March 15. The liquid staking platform will halt reward issuance by June 15 and unstake user holdings for the two tokens the following week. Finally, Lido Finance will officially end support for Polkadot and Kusama protocols at the beginning of August.

Zherebtsov said they will need $20K every month from the Lido DAO to continue technical maintenance until August.

The proposal will impact roughly $24.2M worth of KSM and DOT tokens on Lido’s platform. A community member noted that getting rid of Polkadot is irrational as the token has the highest weekly deposits out of all the coins supported by Lido.

Written by
Author's profile picture

Ayush Pande

Ayush Pande is a hardware, gaming, and crypto writer based in India. He's a tech enthusiast who's fascinated by the potential of blockchain technology.

Connect with Ayush on LinkedIn
Ayush Pande

As a tech enthusiast who's always on the prowl for the latest developments concerning crypto and hardware, you can find him covering news stories or tinkering with PCs.

A recent proposal on Lido Finance seeks to end support for staking Polkadot (DOT) and Kusama (KSM) tokens.

The proposal stated that MixBytes will stop providing technical support for KSM and DOT protocols to Lido Finance after August 1, 2023. Kosta Zherebtsov, the author of the proposal, noted,

“The decision was made because of several challenges, including market conditions, protocol growth, limited capacity, and priority alignment.”



Get Our Free Newsletter

Subscribe to our newsletter to get tips, our favorite services, and the best deals on Bitcompare-approved picks sent to your inbox


As per the proposal submitted on Lido DAO's governance forum, Lido will stop accepting new staking deposits for DOT and KSM assets after March 15. The liquid staking platform will halt reward issuance by June 15 and unstake user holdings for the two tokens the following week. Finally, Lido Finance will officially end support for Polkadot and Kusama protocols at the beginning of August.

Zherebtsov said they will need $20K every month from the Lido DAO to continue technical maintenance until August.

The proposal will impact roughly $24.2M worth of KSM and DOT tokens on Lido’s platform. A community member noted that getting rid of Polkadot is irrational as the token has the highest weekly deposits out of all the coins supported by Lido.

Written by
Author's profile picture

Ayush Pande

Ayush Pande is a hardware, gaming, and crypto writer based in India. He's a tech enthusiast who's fascinated by the potential of blockchain technology.

Connect with Ayush on LinkedIn
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Ayush Pande