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Lido Announces Discontinuation of Polygon Staking Services Amid Strategic Refocus
In a recent announcement, Lido, a leading liquid staking protocol, has made the decision to discontinue its services for Polygon staking. This move comes as part of a strategic refocus on Ethereum and aligns with previous governance decisions.
The discontinuation process will begin on December 16, 2024, when new stakes through the user interface will no longer be accepted. A six-month transition period has been set in motion, during which users can withdraw their funds via the Lido on Polygon UI. The deadline for withdrawals is June 16, 2025.
As a result of this decision, several key operational changes must be taken into account. Starting January 15-22, 2025, a temporary protocol pause will occur, suspending withdrawal activities during this time. Furthermore, after June 16, 2025, users will only have access to explorer tools for withdrawals.
The discontinuation of Lido’s Polygon staking services comes as the DeFi landscape has shifted, with zkEVM solutions gaining prominence and reduced demand for liquid staking on Polygon POS. Despite this, Lido remains committed to maintaining withdrawal functionality through explorer tools even after frontend support concludes, ensuring that users retain access to their funds.
The announcement highlights the challenges faced by Lido in establishing itself as a foundational DeFi building block within an ecosystem that proved smaller than initially anticipated.
Source: www.cryptonewsz.com
