Staking service Lido ends handling of Polkadot and Kusama | coindesk JAPAN | Coindesk Japan

According to a blog post by MixBytes, developer of decentralized finance (DeFi) staking service Lido, Lido launched its Polkadot (DOT) and Kusama (KSM) staking programs on Aug. 1. finish.

MixBytes cited adoption and growth not meeting “business case expectations to sustain investment” as the reason for the outage.

“Tough macroeconomic factors and a lack of liquidity in Polkadot’s DeFi ecosystem have ruined Liquid Staking’s value proposition,” MixBytes wrote.

Lido is a liquid staking protocol that allows users to operate stETH issued in exchange for tokens staked on other protocols and blockchains while earning staking rewards.

From now on, Polkadot and Kusama will no longer accept deposits, and all assets will be automatically unstaked on June 22nd. The official end date is August 1st.

Lido has $4 million worth of DOT and $75,000 worth of KSM staked.

｜Translation: coindesk JAPAN
｜Editing: Toshihiko Inoue
｜Image: lido.fi
｜Original: DeFi Platform Lido to Cease Staking on Polkadot, Kusama in August