- This offer came from MixBytes
- The company attributed this to current market conditions.
- The innovation will affect about $25 million of client funds
As early as next week, Lido Finance may completely cancel staking programs in the Kusama and Polkadot ecosystems. Relevant offer appeared on the official forum of the service from the MixBytes partner.
It was introduced by the CPO of the company Konstantin Zherebtsov. The offer is due to the fact that MixBytes will suspend technical support for the mentioned platforms from August 1st.
The company explained this by “market conditions”, limited capacity and coordination of Lido Finance priorities. According to the proposal, from March 15, the platform will stop accepting deposits for bets using the Kusama and Polkadot protocols.
After June 15, rewards will stop, but assets will still be available through the user interface. By the end of the month, steaks are forcibly liquidated.
At the same time, MixBytes asks for $20,000 per month from Lido DAO for the maintenance of this direction. The decision is expected to affect about $25 million in user funds.
DOT accounts for a share of $22.46 million in total stakes, while KSM accounts for $2.34 million. These are 0.25% and 0.02%, respectively. In total, assets worth $9 billion are blocked on the platform. Their distribution is shown in the diagram:
Some participants, the idea has already been criticized:
“You are removing the innovative and decentralized Polkadot network, leaving instead the centralized Solana and Polygon. Well, good luck in regaining the trust of users.”
Recall that recently the rate of the native Lido token collapsed due to a “duck” from one of the bloggers. He mentioned that the platform received a notice from the SEC to ban staking programs.
