Solana wind down ‘deemed a necessity’ after low fees, says Lido Finance
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Decentralized liquid staking protocol Lido Finance has announced a decision to cease operations on the Solana blockchain following a community vote in Lido’s decentralized autonomous organization.
The proposal to sunset Lido on Solana was first put
Lido’s staking services are now only supported on Ethereum and Polygon, where $14 billion and $80 million are staked, respectively, according to Lido’s website.
Lido launched on Solana on Sept. 8, 2021, when SOL was priced at $189 — an 87% fall from its current price of $24, according to CoinGecko.
Despite the news, SOL is up 8.6% over the last 24 hours.
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