Lido Finance, a decentralized liquid staking protocol, has announced that it will cease operations on the Solana blockchain. The decision was made following a community vote in Lido’s decentralized autonomous organization. The main reasons cited for the sunsetting were unsustainable financials and low fees generated by Lido on Solana. The proposal to sunset Lido on Solana was put forward by Lido’s peer-to-peer team and received approval from Lido token holders. The process will begin shortly, with staking requests no longer being accepted as of October 16. Voluntary node operator off-boarding will commence on November 17, and Lido users will need to unstake on Solana’s frontend by February 4. Despite the news, the price of SOL, Solana’s native token, has seen an 8.6% increase in the last 24 hours.
