Giant DeFi Altcoin Started Exit Process from Solana!

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Decentralized liquid staking protocol Lido is ceasing operations on the Solana Blockchain in the next few months. The DeFi altcoin project made this decision after extensive DAO forum discussions and community voting. This decision will have far-reaching implications for both node operators and stSOL token holders.

DeFi altcoin leaves Solana

The decision to leave Lido on Solana was not easy. This decision was made after a proposal was submitted to Lido DAO by P2P Validator, the development team behind Lido on Solana. The proposal outlined the successes, challenges and future prospects of the Lido in Solana. P2P Validator has been actively contributing to the Lido DAO since March 2022. It was also developing the Solana-based Lido. Two scenarios were presented to Lido DAO:

  1. Continuing the development of Lido in Solana with financial support from Lido DAO.
  2. Sunset over the Lido in Solana.

After extensive discussions and a vote by Lido DAO members, the project decided to close the Lido in Solana. This decision was undoubtedly difficult. But the DeFi altcoin team saw it as essential to the broader success of the Lido protocol ecosystem.

What consequences will it have for users?

For users, Lido on Solana’s sunset will bring a few changes.

  • Continue Staking Rewards: stSOL token holders will continue to receive network rewards throughout the sunsetting process. This will ensure that users do not face any sudden interruption in their staking rewards.
  • Unstaking Process: stSOL token holders can unstake their assets through the Lido on Solana front end until February 4, 2024. After this date, it is only possible to unstake via the Command Line Interface (CLI). Detailed unstaking instructions are provided for various wallets including Phantom, SolFlare, Ledger, and SoLong.

DeFi altcoin

What will be the implications for node operators?

Node operators on DeFi altcoin Lido will also experience changes to their operations.

  • gGraduated Off-boarding: P2P Validator and Lido NOM participants will offer guidance on the voluntary off-boarding process through Lido community channels. Node operators who decide to leave the pool will be able to shut down their nodes following the off-boarding process. Those who choose to stay will continue to protect their remaining stakes in their nodes.

DeFi altcoin

Important dates for the transition of the DeFi altcoin project

The sunsetting process will take place in several stages.

  • 16 October 2023: Lido on Solana staking will stop. From now on, staking transactions will not be accepted.
  • 17 November 2023: Volunteer node operator recruitment will begin.
  • February 4, 2024: Lido on Solana front-end support will end. From this point on, unstaking will only be possible via the Command Line Interface (CLI).

In conclusion, the decision to discontinue Lido on Solana is a significant development in the DeFi altcoin space. In other words, it marks the end of a significant chapter.

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