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Lido Finance Announces Discontinuation of Products on Polygon
In a recent announcement, decentralized finance (DeFi) protocol Lido Finance has revealed that it will be discontinuing its products on the Polygon network, effective December 16, 2024.
As part of this decision, stMATIC token holders have been given a six-month transition period, which will conclude on June 16, 2025. During this timeframe, they will still be able to withdraw their staked MATIC through Lido’s interface. However, after the deadline has passed, such withdrawals will only be accessible via blockchain explorer tools.
Furthermore, throughout this sunsetting process, stMATIC token holders will no longer receive staking rewards. There is a brief window in which Lido’s operations on Polygon will pause between January 15 and January 22, 2025, during which time withdrawals will not be possible.
Users are strongly advised to unstake their assets before the deadline to ensure a seamless transition.
Lido Finance remains a major player in the liquid staking market, with a total value locked (TVL) of $38.4 billion as of December 2024. Despite discontinuing its Polygon products, the protocol is prioritizing its Ethereum-based services.
Source
Source: coinjournal.net
