{"id":102440,"date":"2024-12-16T19:25:59","date_gmt":"2024-12-16T23:25:59","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=102440"},"modified":"2024-12-16T19:27:12","modified_gmt":"2024-12-16T23:27:12","slug":"lido-to-cease-operations-on-polygon-network","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/lido-to-cease-operations-on-polygon-network\/","title":{"rendered":"Lido to Cease Operations on Polygon Network\u00a0"},"content":{"rendered":"\n

According to staking protocol<\/a>, Lido, the sunsetting of its products will be on Polygon in the coming months.<\/p>\n\n\n\n

\"Lido
Lido to Cease Operations on Polygon Network\u00a0<\/figcaption><\/figure>\n\n\n\n

After a community vote and discussion in a DAO forum<\/a>, the Lido Finance team declared on December 16 that it would shut down all activities on Polygon. <\/p>\n\n\n\n

The team claims that Lido DAO token holders discontinued Lido's support on Polygon, with Shard Labs submitting the original proposal in 2021. <\/p>\n\n\n\n

Lido listed several issues that affected the choice, such as the decentralized finance (DeFi) ecosystem's changing dynamics and low user uptake. Liquid staking activity<\/a> has also decreased due to Polygon switching to zkEVM. <\/p>\n\n\n\n

The sunsetting of the Polygon services is also partly due to governance resolutions from the Lido community<\/a> that aim to shift the attention back to Ethereum. <\/p>\n\n\n\n

Starting December 16, 2024, staking on Polygon will be discontinued; subsequent staking through the Polygon interface will not be permitted. <\/p>\n\n\n\n

Users can unstake their Polygon during a six-month transition period from December 16, 2024, to June 16, 2025.\u00a0Lido Finance team on X:<\/p>\n\n\n\n

\n

It is highly advised to unstake stMATIC prior to June 16, 2025 to ensure a smooth unstaking experience using the Lido on Polygon UI.”<\/p>\n<\/blockquote>\n\n\n\n

Lido on Polygon operations will be temporarily suspended from January 15 to January 22, 2025, at which time withdrawals will not be possible. <\/p>\n\n\n\n

The Polygon protocol's frontend staking support will terminate on June 16, 2025. Withdrawals will only be feasible via explorer tools after this date. <\/p>\n\n\n\n

According to DeFiLlama data, Lido is the biggest liquid staking protocol in the DeFi market\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, with $38.4 billion in total value currently secured. Its TVL is significantly larger than Jito's and Rocket Pool's, which were $2.9 billion and $3.1 billion, respectively.<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

According to staking protocol, Lido, the sunsetting of its products will be on Polygon in the coming months. After a community vote and discussion in a DAO forum, the Lido Finance team declared on December 16 that it would shut down all activities on Polygon. The team claims that Lido DAO token holders discontinued Lido’s […]<\/p>\n","protected":false},"author":43,"featured_media":102441,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[9489,16381,23214],"class_list":["post-102440","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-lido","tag-polygon-network","tag-staking-protocol"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/12\/croc_1734390318597.jpeg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/102440","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=102440"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/102440\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/102441"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=102440"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=102440"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=102440"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}