.jpg "62210ccff9fbd46f89ff195b_Headshot%20(2)")
SOL
Community voting strongly favored the phased shutdown option, and Lido's staking services will now focus solely on Ethereum and Polygon networks.
Phased Shutdown: Lido's Strategic Move
Lido, a prominent multi-platform staking solution, has recently announced the gradual discontinuation of its operations on the Solana protocol. In an official blog post on October 16, the team disclosed the comprehensive plan that would ultimately result in the termination of Lido's presence on Solana.
The decision to wind down Lido on Solana was proposed by Yuri Mediakov and the Peer-to-peer (P2P) team in a detailed proposition on Sept. 4. This plan involved a carefully orchestrated phase-out process over several months, accompanied by a dedicated monthly allocation of $20,000 to manage maintenance costs.
The proposal was put up for community discussion, leading to a resounding majority in favor of the phased shutdown strategy.
Despite investing approximately $700,000 and generating $220,000 in revenue, Lido's Solana operations have reportedly incurred a net loss of $484,000.
Timeline and Transition Details
Commencing from November 17, the voluntary process of node operator off-boarding is set to initiate, marking the beginning of the end for Lido on Solana. By February 4, 2024, the Solana Frontend support will cease to function, allowing unstaking solely through the Command Line Interface (CLI). As of October 16, Lido is no longer accepting new stake requests, so existing users are encouraged to act quickly to avoid any inconveniences.
Lido's journey with Solana has come to an end, but the platform remains firmly committed to Ethereum and Polygon. Notably, Lido's staking services continue to thrive on these networks, boasting staked amounts of $14 billion and $80 million, respectively.
Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
Disclaimer: The content in the above article is a press release, provided by a third party. Readers should do their own research before interacting or engaging with the mentioned companies and/or any related services. BSC News is neither directly nor indirectly responsible for any damage or loss caused or alleged to be caused by or in connection with the use of any content, goods or services mentioned in the above article.
Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
Disclaimer: This is a paid Ask Me Anything (AMA), BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement AMA for $2000 Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the AMA.
Disclaimer: This article is exclusive BSC News Premium Content. Premium content is viewable without a membership for a limited time. After the limited time period expires, readers will need to either subscribe or hold a BSC News NFT to view Premium Content. Visit the BSC News NFT website, Discord, and Twitter to learn more about becoming a Premium member.
Disclaimer: The content of this piece is the opinion of the writer. Nothing in this article is intended to constitute financial advice. The content of this article is intended for entertainment and educational purposes only. Investing in cryptocurrency carries a high degree of risk. Capital is at risk, and returns are never guaranteed. You should always do your own research.
Disclaimer: Disclaimer: This article is written by a visiting author. Opinions herein are those of the visiting author. Nothing in this article is intended to constitute financial advice. The content of this article is intended for entertainment and educational purposes only. Investing in cryptocurrency carries a high degree of risk. Capital is at risk, and returns are never guaranteed. You should always do your own research.
Author
Soumen Datta
Soumen is an experienced writer in cryptocurrencies, DeFi, NFTs, and GameFi. He has been analyzing the space for the last several years and believes there is a lot of potential with blockchain technology, even though we are still at an early stage. In his spare time, Soumen enjoys playing his guitar and singing along. Soumen holds bags in BTC, ETH, BNB, MATIC, and ADA.
Related News
FTM
Fantom Foundation Launches Testnet Environment for Fantom Sonic
October 24, 2023
A recent update, from the team behind the Fantom blockchain, promises to turbo-charge the performance of its network, allowing it to compete with traditional institutions.
The Fantom Foundation, the team supporting the development of the Fantom blockchain, today announced the launch of the testnet environment for Fantom Sonic (“Sonic”). Designed for speed, scale, and cost-efficiency, Fantom Sonic provides increased benefits to the network including:
- Transaction capability increases by over 65x to be able to achieve an anticipated 2,000 transactions per second
- Time-to-finality execution in less than one second (~0.98s)
- Reduction in storage size for all node types from approximately 11 TB to under 1 TB
- Decrease node deployment time from multiple weeks to roughly two days
- Live-pruning for validators which reduces storage by approximately 86%
Sonic puts Fantom’s transactional capabilities on par with the heavy throughput of institutional players like major credit card companies, international banks, and enterprise institutions. The reduction in operational costs, and decrease of staking requirements to 50,000 FTM, decreases the barrier to entry to operate a cost-effective validator and makes it more accessible to participate in securing the network.
The testnet environment runs until the Sonic mainnet is anticipated to deploy in the spring of 2024. Developers can bring their projects to the testnet to experience the virtual machine updates and enhanced capabilities Sonic brings to the Fantom ecosystem. Additional updates are expected to come to the testnet environment in December 2023.
Developers and users alike can check out the Sonic showcase environment at sonic.fantom.network and interact with the public testnet environment at public-sonic.fantom.network
Disclaimer: This is a paid Ask Me Anything (AMA), BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement AMA for $2000 Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the AMA.
Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
Don't forget to download the BSC News mobile application on iOS and Android to keep up with all the latest news for BNB Chain and crypto.
Follow us on Twitter and Instagram!
If you need tools and strategies regarding safety and crypto education, be sure to check out the Tutorials, cryptonomics explainers, and Trading Tool Kits from BSC News.
Looking for a job in crypto? Check out the CryptoJobsNow listings!
Disclaimer: This article is exclusive BSC News Premium Content. Premium content is viewable without a membership for a limited time. After the limited time period expires, readers will need to either subscribe or hold a BSC News NFT to view Premium Content. Visit the BSC News NFT website, Discord, and Twitter to learn more about becoming a Premium member.
Author: Barbara Davis
Last Updated: 1698183722
Views: 1077
Rating: 4.1 / 5 (92 voted)
Reviews: 98% of readers found this page helpful
Name: Barbara Davis
Birthday: 1923-06-03
Address: 11510 Anna Drive, West Morgan, MN 75218
Phone: +3991527000941074
Job: Nurse
Hobby: Magic Tricks, Crochet, Table Tennis, Skiing, Fishing, Telescope Building, Embroidery
Introduction: My name is Barbara Davis, I am a sincere, strong-willed, brilliant, candid, radiant, resolved, multicolored person who loves writing and wants to share my knowledge and understanding with you.