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A recent proposal on Lido Finance seeks to end support for staking Polkadot (DOT) and Kusama (KSM) tokens.
The proposal stated that MixBytes will stop providing technical support for KSM and DOT protocols to Lido Finance after August 1, 2023. Kosta Zherebtsov, the author of the proposal, noted,
“The decision was made because of several challenges, including market conditions, protocol growth, limited capacity, and priority alignment.”
As per the proposal submitted on Lido DAO's governance forum, Lido will stop accepting new staking deposits for DOT and KSM assets after March 15. The liquid staking platform will halt reward issuance by June 15 and unstake user holdings for the two tokens the following week. Finally, Lido Finance will officially end support for Polkadot and Kusama protocols at the beginning of August.
Zherebtsov said they will need $20K every month from the Lido DAO to continue technical maintenance until August.
The proposal will impact roughly $24.2M worth of KSM and DOT tokens on Lido’s platform. A community member noted that getting rid of Polkadot is irrational as the token has the highest weekly deposits out of all the coins supported by Lido.