The staff revealed that it got here to this resolution after an in depth DAO discussion board dialogue and a group vote that favored the sunsetting of Lido on Solana.

“After a lot dialogue and a vote by Lido DAO members, it was determined that the perfect plan of action can be to wind down Lido on Solana.”

In September, the Lido P2P validator liable for the Solana blockchain requested monetary assist from the Lido DAO or, alternatively, the venture’s termination. On the time, the validator emphasised that it could be tough for the venture to realize its aims with out correct funding.

Regardless of this resolution, Lido nonetheless supplies staking providers for Polygon (MATIC) and Ethereum (ETH).

Timeline for sunsetting Solana staking

Lido says it could cease accepting deposits for staking Solana efficient instantly.

Whereas stSOL holders will proceed to obtain rewards, the staff warned that it could terminate assist to its Solana frontend by February 2024. After this date, stakers should use the Command Line Interface (CLI) to unstake their property.

In the meantime, node operators can voluntarily begin leaving the platform by November 17.

Info on the protocol’s web site confirmed that the unstaking course of may take as a lot as three days to finish.

Lido is the dominant liquid staking protocol enabling customers to earn rewards by staking property on varied protocols and blockchains.

In keeping with its web site, the protocol has staked over $14 billion price of digital property and disbursed greater than $700 million in rewards. Its Solana platform has staked over 2.3 million SOL, valued at roughly $55 million.

Lido’s resolution is approaching the heels of the same one it made in March to finish its staking program on the Polkadot (DOT) and Kusama (KSM) blockchains.