Lido, a leading liquid staking protocol, has made the difficult decision to discontinue its Lido on Polkadot and Kusama staking protocols effective from August 1, 2023. The company cited a lack of adoption and growth as the primary reason for the decision, which was made after careful analysis of relevant data.
Background
Lido has been a popular choice for stakers on the Polkadot and Kusama networks, providing a user-friendly staking experience and enabling liquidity for staked assets. However, the protocol has faced challenges in achieving the desired level of adoption and growth on these networks due to factors such as competition and ecosystem complexity.
Implications
The decision to discontinue the Polkadot and Kusama staking protocols will undoubtedly impact the broader staking community. However, Lido has emphasized that it remains committed to supporting its users and ensuring a smooth transition to alternative staking solutions.
Future Plans
Despite this setback, Lido remains focused on expanding its offerings on other networks such as Ethereum and Solana, where it has seen significant growth and adoption. The company believes that these networks offer greater potential for sustainability and growth and will continue to invest in their development.
