Lido to discontinue staking services for Polkadot and Kusama by August

Liquid staking platform Lido Finance will end support for staking Polkadot and Kusama assets on August 1.
Dot
March 29, 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 Finance (Blog)
According to MixBytes, “The decision to sunset Lido on Polkadot and Kusama was made through mutual agreement with the recognition of a few key challenges under current implementation that led to unmet financial expectations.”

Liquid staking platform Lido Finance (LDO) will end support for staking Polkadot (DOT) and Kusama (KSM) assets on August 1.

Earlier, MixBytes announced that it will stop providing technical assistance for KSM and DOT protocols to Lido. Soon, MixBytes’ Chief Product Officer, Kosta Zherebtsov, posted a proposal to sunset staking services for the two protocols on Lido DAO’s governance forum. 

In its latest blog post, Lido’s partner MixBytes said the firms decided to end support for DOT and KSM due to the low adoption rate for the two protocols and a lack of liquidity in the Polkadot ecosystem. MixBytes also claimed that removing Kusama and Polkadot staking will allow Lido to prioritize its Ethereum (ETH) staking product. 

As a result, Lido has ceased accepting new deposits for the two tokens. The platform will halt reward redemptions on staked Polkadot and Kusama assets on June 15, with plans to automatically unstake DOT and KSM tokens by the following week. 

MixBytes noted that the unstaked funds will be relocated to parachains by July 24. Finally, Lido will officially end support for these protocols on August 1. MixBytes added that the User Interface on Lido will be updated to keep up with the proposed timeline.



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Going forward, MixBytes plans to support a new DotSama liquid staking solution that will be operated by its own Decentralized Autonomous Organization (DAO). The firm added,

“Our supporters proposed to launch a new DotSama LST protocol operated by a newly formed DAO. MixBytes are excited and pleased with such support and is now considering passing its accumulated experience to that DAO to keep its creation alive!”

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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

Lido to discontinue staking services for Polkadot and Kusama by August

HomeCrypto staking
Contents
Photo Source: Lido Finance (Blog)
According to MixBytes, “The decision to sunset Lido on Polkadot and Kusama was made through mutual agreement with the recognition of a few key challenges under current implementation that led to unmet financial expectations.”

Liquid staking platform Lido Finance (LDO) will end support for staking Polkadot (DOT) and Kusama (KSM) assets on August 1.

Earlier, MixBytes announced that it will stop providing technical assistance for KSM and DOT protocols to Lido. Soon, MixBytes’ Chief Product Officer, Kosta Zherebtsov, posted a proposal to sunset staking services for the two protocols on Lido DAO’s governance forum. 

In its latest blog post, Lido’s partner MixBytes said the firms decided to end support for DOT and KSM due to the low adoption rate for the two protocols and a lack of liquidity in the Polkadot ecosystem. MixBytes also claimed that removing Kusama and Polkadot staking will allow Lido to prioritize its Ethereum (ETH) staking product. 

As a result, Lido has ceased accepting new deposits for the two tokens. The platform will halt reward redemptions on staked Polkadot and Kusama assets on June 15, with plans to automatically unstake DOT and KSM tokens by the following week. 

MixBytes noted that the unstaked funds will be relocated to parachains by July 24. Finally, Lido will officially end support for these protocols on August 1. MixBytes added that the User Interface on Lido will be updated to keep up with the proposed timeline.



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


Going forward, MixBytes plans to support a new DotSama liquid staking solution that will be operated by its own Decentralized Autonomous Organization (DAO). The firm added,

“Our supporters proposed to launch a new DotSama LST protocol operated by a newly formed DAO. MixBytes are excited and pleased with such support and is now considering passing its accumulated experience to that DAO to keep its creation alive!”

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.

According to MixBytes, “The decision to sunset Lido on Polkadot and Kusama was made through mutual agreement with the recognition of a few key challenges under current implementation that led to unmet financial expectations.”

Liquid staking platform Lido Finance (LDO) will end support for staking Polkadot (DOT) and Kusama (KSM) assets on August 1.

Earlier, MixBytes announced that it will stop providing technical assistance for KSM and DOT protocols to Lido. Soon, MixBytes’ Chief Product Officer, Kosta Zherebtsov, posted a proposal to sunset staking services for the two protocols on Lido DAO’s governance forum. 

In its latest blog post, Lido’s partner MixBytes said the firms decided to end support for DOT and KSM due to the low adoption rate for the two protocols and a lack of liquidity in the Polkadot ecosystem. MixBytes also claimed that removing Kusama and Polkadot staking will allow Lido to prioritize its Ethereum (ETH) staking product. 

As a result, Lido has ceased accepting new deposits for the two tokens. The platform will halt reward redemptions on staked Polkadot and Kusama assets on June 15, with plans to automatically unstake DOT and KSM tokens by the following week. 

MixBytes noted that the unstaked funds will be relocated to parachains by July 24. Finally, Lido will officially end support for these protocols on August 1. MixBytes added that the User Interface on Lido will be updated to keep up with the proposed timeline.



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


Going forward, MixBytes plans to support a new DotSama liquid staking solution that will be operated by its own Decentralized Autonomous Organization (DAO). The firm added,

“Our supporters proposed to launch a new DotSama LST protocol operated by a newly formed DAO. MixBytes are excited and pleased with such support and is now considering passing its accumulated experience to that DAO to keep its creation alive!”

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