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Lido Developer MixBytes Announces Termination of DeFi Pledge Services on Polkadot and Kusama

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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 acc

Lido Developer MixBytes Announces Termination of DeFi Pledge Services on Polkadot and Kusama

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, a DeFi pledge service, is set to discontinue its pledge plans on Polkadot and Kusama, according to a recent blog post by Lido developer MixBytes. This move will affect all deposits made on or before June 22, as they will all be automatically pledged. The official termination date for these services is set for August 1st.

What is Lido?

Before we dive into the details of the termination of Lido’s pledge services on Polkadot and Kusama, let’s take a moment to understand what Lido is. Lido is a decentralized finance (DeFi) platform that enables users to stake their cryptocurrencies and earn rewards. The platform ensures accessibility, liquidity, and security when it comes to staking of digital assets.

The Shutdown of Pledge Plans on Polkadot and Kusama

As per the announcement by MixBytes, Lido’s pledge plans on both Polkadot and Kusama will be terminated, citing the fact that these platforms no longer accept deposits. As of now, there are a total of $4 million worth of DOT tokens and $75,000 worth of KSMs on Lido. This termination will impact all users who have invested in these platforms before June 22.

What Will Happen to the Assets on Lido?

All assets on Lido, including DOT tokens and KSMs pledged by users, will be automatically pledged on June 22. Users are required to withdraw their assets from Lido in order to retain control over them. The termination of pledge plans on these platforms will impact users’ ability to invest in them through Lido, but there are other platforms available that allow for staking of these cryptocurrencies.

Impact on the DeFi Ecosystem

The termination of Lido’s pledge services on Polkadot and Kusama has raised concerns about the stability of these DeFi platforms. As we have seen in the past, the failure of a DeFi project can have a cascading effect on the broader ecosystem. However, it is important to note that the decision to terminate these pledge plans was made by Lido itself, and not due to any inherent issue with Polkadot or Kusama.

Conclusion

Lido’s decision to terminate its pledge services on Polkadot and Kusama has surprised many users of the platform. While this move will impact some investors, it is important to remember that there are other platforms available for staking and investing in these cryptocurrencies. The broader DeFi ecosystem remains strong, and we can expect to see continued growth and development in this space.

FAQs

1. Why is Lido discontinuing its pledge plans on Polkadot and Kusama?
Lido is terminating its pledge plans on these platforms as they no longer accept deposits. This decision was made by Lido itself and is not due to any inherent issue with Polkadot or Kusama.
2. What will happen to my assets on Lido?
All assets on Lido, including DOT tokens and KSMs pledged by users, will be automatically pledged on June 22. Users are required to withdraw their assets from Lido in order to retain control over them.
3. Will this impact the broader DeFi ecosystem?
While the termination of these pledge plans has raised concerns about the stability of the broader DeFi ecosystem, it is important to remember that Lido’s decision is not indicative of any inherent issue with Polkadot or Kusama. We can expect to see continued growth and development within the DeFi space.

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