Lido Drops Polkadot and Kusama: Ethereum, Polygon, and Solana Remain
On April 9th, it was reported that Lido\’s official website no longer provides Polkadot and Kusama pledge information display. Currently, only Ethereum (ETH), Polygon, and Solana pl
On April 9th, it was reported that Lido’s official website no longer provides Polkadot and Kusama pledge information display. Currently, only Ethereum (ETH), Polygon, and Solana pledge information is available. Data shows that as of now, the total pledged amount of Lido Ethereum has exceeded 11 billion US dollars (5928918 ETH), setting a new historical high.
Lido official website no longer displays Polkadot and Kusama pledge information
Lido is a decentralized finance (DeFi) platform that allows users to stake their cryptocurrencies to earn rewards. Its official website provides information on the total amount of pledging for various cryptocurrencies, but as of April 9th, the website has stopped displaying data for Polkadot and Kusama pledge amounts. Currently, only Ethereum (ETH), Polygon, and Solana pledge information is available. This article will explore why Lido has dropped Polkadot and Kusama from its website and what this means for the future of DeFi staking.
Why Did Lido Drop Polkadot and Kusama?
The exact reason for Lido’s decision to drop Polkadot and Kusama pledge information from its website is unclear, but it may be related to their lower levels of activity in the DeFi community compared to Ethereum, Polygon, and Solana. Ethereum is the largest and most active blockchain network for DeFi, with over $40 billion in Total Value Locked (TVL) as of April 2021. Polygon and Solana are also gaining popularity in the DeFi space due to their faster and cheaper transaction fees compared to Ethereum. In contrast, Polkadot and Kusama are newer blockchain networks that are still gaining traction in the DeFi market.
Lido may have also dropped support for Polkadot and Kusama to focus on its core products, which are Ethereum, Polygon, and Solana staking. Lido’s website states that its mission is to “unlock the liquidity of staked assets,” and it does this by allowing users to stake their cryptocurrencies and receive a liquid token in return (such as stETH for Ethereum staking). By offering fewer options for staking, Lido may be able to focus more on improving the user experience and liquidity of its core staking products.
Lido’s Ethereum Staking Reaches Historical High
Despite dropping support for Polkadot and Kusama, Lido’s Ethereum staking has reached a new historical high of over 11 billion US dollars (5928918 ETH) as of April 2021. This is a significant milestone for Lido and the Ethereum community, as it demonstrates the growing demand for DeFi staking and the potential for staking to become a mainstream investment option.
One reason for Ethereum’s popularity in DeFi staking is its strong community and ecosystem of decentralized applications (dApps). Ethereum is the go-to platform for many DeFi projects, so staking on Ethereum offers users the opportunity to earn rewards from multiple sources. Additionally, Ethereum’s upcoming transition to Proof of Stake (PoS) consensus algorithm will make staking even more accessible and profitable for users.
What Does this Mean for the Future of DeFi Staking?
Lido’s decision to drop Polkadot and Kusama pledge information from its website may signal a shift towards consolidating support for its core staking products (Ethereum, Polygon, and Solana). This could be a positive trend for the DeFi market, as it may help to increase liquidity and stability for these popular blockchain networks.
However, it’s important to note that the DeFi market is still in its early stages, and new blockchain networks and staking opportunities may arise in the future. Staking is a relatively new investment option that is gaining popularity due to its potential for high returns and low risk. As more users enter the DeFi space and seek out staking opportunities, we may see new and innovative staking products emerge.
Conclusion
Lido’s decision to drop Polkadot and Kusama pledge information from its website may be related to their lower levels of activity in the DeFi market and Lido’s focus on its core staking products. Regardless, Lido’s Ethereum staking has reached a new historical high and demonstrates the growing demand for DeFi staking. This trend is likely to continue as more users enter the DeFi space and seek out staking opportunities. As the DeFi market evolves, it’s important to stay up-to-date on the latest trends and opportunities for staking.
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FAQs
**Q1. What is DeFi staking?**
DeFi staking is the process of locking up a cryptocurrency to support a blockchain network and earn rewards in return.
**Q2. Why is Ethereum the most popular blockchain network for DeFi staking?**
Ethereum is the most popular blockchain network for DeFi staking due to its strong community and ecosystem of decentralized applications, as well as its upcoming transition to Proof of Stake consensus algorithm.
**Q3. Will Lido add support for other blockchain networks in the future?**
It’s possible that Lido may add support for other blockchain networks in the future if they gain enough traction in the DeFi market. However, Lido’s current focus is on its core staking products (Ethereum, Polygon, and Solana).
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