In a weblog put up, Lido highlighted challenges like restricted consumer adoption, low staking rewards, and excessive upkeep prices. Rising zkEVM options and elevated competitors from platforms like EigenLayer additional lowered demand for Lido’s companies on Polygon.
Governance priorities additionally performed a task. Initiatives like GOOSE and reGOOSE shifted focus to Ethereum, prompting Lido to reevaluate its multi-network technique.
For stMATIC token holders, key dates embody:
- December 16, 2024: The staking companies shall be shut down, and new deposits will not be accepted.
- January 15-22, 2025: Operations will briefly pause, and withdrawals shall be unavailable.
- June 16, 2025: Last date for withdrawals by way of the Lido interface. After this, customers should use blockchain explorer instruments.
Lido suggested stMATIC holders to begin withdrawals early to keep away from problems. This is perhaps an issue for much less skilled customers if there is no such thing as a front-end assist post-June 2025.
Polygon’s POL token initially fell following the announcement however has been recovering in line with wider market situations.
This transfer underlines the shifting priorities inside DeFi as protocols like Lido agency up their methods in a altering market dynamic.