Lido Winding Down Polygon Operations Due To Low User Adoption And Other Challenges
Release: 2024/12/17 17:24 Reading: 332
Lido Winds Down Polygon Operations
Lido, a staking protocol, will cease operations on the Polygon layer-2 network due to limited user adoption, a strategic focus on Ethereum, and evolving ecosystem dynamics.
According to a December 16 blog post, the decision was made after a request by Lido DAO token holders. In a comprehensive DAO forum discussion, 99% of the community approved a proposal to discontinue Lido's Polygon operations.
Challenges Faced on Polygon
Lido's team acknowledged in the blog post that Lido on Polygon "encountered significant challenges in achieving its intended impact." Aside from limited adoption and evolving ecosystem dynamics, other factors contributing to this difficulty included "insufficient rewards" and "resource-intensive maintenance requirements."
Furthermore, increased attention toward zkEVM solutions has diminished the demand for liquid staking solutions on Polygon's Proof of Stake chain, affecting "Lido on Polygon's potential as a foundational DeFi building block." Additionally, competing liquid staking solutions within the Polygon ecosystem have emerged, proving to be "smaller than initially anticipated."
Withdrawal Process
Lido staking on Polygon ceased on December 16, with no new stakes accepted. From December 16, 2024, to June 16, 2025, users will have a transition period to withdraw their assets through the Lido on Polygon front end.
The protocol will be temporarily halted from January 15 to January 22, with withdrawals disabled during that time. Operations will resume after this break, with support for the frontend ending on June 16, 2025. Withdrawals will only be possible through explorer tools after this date.
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