• Lido Finance has announced it will stop supporting staking deposits for Polkadot and Kusama networks from August 2023.
• Staked DOT and KSM on Lido represented 0.19% and 0.01% of all staked crypto, respectively.
• Recent on-chain observations suggest network growth had its weekly peak on 27 March but has been tanking since then in response to the current market slowdown.
Lido Discontinuing Support for Polkadot & Kusama
Lido Finance [LDO] has revealed that it will discontinue support for Polkadot [DOT] and Kusama [KSM] operations from August 2023 onwards, citing low liquidity and slow growth as the main reasons behind the decision. As of 1st August 2023, development and operation support for Lido on Polkadot and Kusama will be discontinued.
Impact On Crypto Holders
Crypto holders supporting the two networks might be affected by this news, as they will no longer be able to deposit their funds into Lido’s staking platform after this date. However, those who already have their funds staked with Lido will not be affected by this change and can continue to receive staking rewards until the platform ceases operations.
Current Staked Funds
As of 9th March 2021, there was around $4 million worth of DOT staked with Lido while there was $75,000 worth of KSM staked within the same period. This means that collectively, DOT represented 0.19% of all crypto held in staking while KSM represented 0.01%.
Recent On-Chain Observations
Recent on-chain observations suggest that network growth had its weekly peak on 27th March 2021 but has been tanking since then in response to the current market slowdown. Meanwhile, active addresses associated with LDO surged over the last two days after previously showing signs of a slowdown; confirming that there was robust market activity within this time frame which may have influenced price action positively.
Although LDO is ceasing support for deposits from August 2023 onwards, those who already have their funds staked with them can still enjoy their benefits until then – leaving a small window of opportunity open for potential investors who wish to stake their coins before this date arrives!