The team behind the liquid staking protocol Lido Finance has halted operations on the PoS blockchain Polygon.
The Lido on Polygon sunset process has begun.https://t.co/icgidJsbqF
See below for an overview of upcoming timelines and requirements ??
— Lido (@LidoFinance) December 16, 2024
Withdrawals are available until June 16, 2025, after which they will be accessible through explorer tools.
The proposal to discontinue support for Polygon was introduced in October 2023.
Following extensive discussions, it was approved in November 2024.
“Several factors contributed to this decision: limited user adoption, insufficient rewards, resource-intensive maintenance requirements, and the changing dynamics of the ecosystem,” the project’s blog stated.
Earlier, Lido Finance announced the end of support for Solana.
According to DeFi Llama, the service is also available on Ethereum, Moonriver, Moonbeam, and Terra Classic networks.
With a TVL of $39.34 billion, the project is a leader in the segment and the DeFi sector overall.
In November, a U.S. court confirmed the responsibility of Lido DAO members for the organization’s activities.