Lido DeFi Pledge Service to Terminate Polkadot and Kusama Plans by August 1st

03/29/2023 11:07 • Daily Digest • 141 views

According to a blog post by Lido developer MixBytes, the DeFi pledge service Lido will stop its pledge plans on Polkadot and Kusama on August 1st. Polkadot and Kusama no longer accept deposits, and all assets will be automatically pledged on June 22. The official termination date is August 1st. Currently, there are a total of $4 million worth of DOT tokens and $75000 worth of KSMs on Lido.

Lido will discontinue its pledge plans on Polkadot and Kusama on August 1st

Lido, the DeFi pledge service, announced recently in a blog post by MixBytes, that they will no longer support Polkadot and Kusama pledge plans past August 1st. Lido previously allowed investors to stake their DOT and KSM assets directly, however, both Kusama and Polkadot have recently ceased the acceptance of new deposits on the platform, and all deposits would be automatically pledged on June 22nd.

Understanding Lido DeFi Pledge Service

Lido DeFi pledge service is a platform that enables investors to assert their control over pooled ETH 2.0 staking rewards. This allows investors to earn passive income by using Lido to deposit their staked ETH; they also receive stETH tokens, which can be used to earn further interest or withdrawn. The platform essentially aims to make staking more accessible, liquid and secure for the community.

Polkadot and Kusama Stop Taking Deposits

Polkadot and Kusama networks recently experienced a rush of investor interest, causing the blockchain platforms to stop the acceptance of deposits, which didn’t bode well for Lido’s plans to stake for investors.

Termination Date of August 1st

Officially, the termination date for the pledge plans coincides with the beginning of August. Therefore, Lido users are encouraged to monitor their accounts for updates and withdraw their funds from the two networks before August 1st. In the interim, Lido will continue operating on other blockchain networks.

Total Value of Assets on Lido

According to the blog post from MixBytes, the amount of assets worth $4 million in DOT tokens and $75,000 in KSMs are deposited on the platform. Therefore, investors who take prompt action will be able to avoid any associated risk.

The Future of Lido with DeFi Pledge Service

Although Lido’s pledge plans for Polkadot and Kusama are ending, the DeFi platform plans to continue offering these service offerings on other blockchains. The decision to stop pledge plans on Polkadot and Kusama is merely an attempt to shift focus to the other promising blockchain networks that Lido operates.

FAQs

1. How can I withdraw my assets from Lido?
It is essential to follow Lido’s instructions on the platform and adhere to the prompt action recommendations.
2. What impact will Lido’s decision have on existing investors?
Existing investors in Polkadot and Kusama will need to withdraw their assets from Lido before August 1st to avoid any associated risks.
3. Will Lido’s decision affect staking on other blockchains?
No, Lido will continue to provide its DeFi pledge service offerings on other blockchain networks.

Final Thoughts

The termination of Lido’s pledge plans for Polkadot and Kusama is an action necessitated by recent developments on the two platforms. While this may come as a setback for investors interested in staking on these platforms, Lido will still operate on other blockchain networks. It is crucial to read up on instructions provided by Lido and take prompt action to avoid any inconvenience or unforeseen risks.

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