Hold onto your crypto hats, folks! Lido, the liquid staking superstar, is saying its goodbyes to Polygon in 2025. After some serious chit-chat and a community vote, Lido decided it's time to pack up its liquid staking services on Polygon.
This all kicked off when Lido launched on Polygon back in 2021, thanks to a proposal by Shard Labs. But it wasn't all smooth sailing. Turns out, they faced some hiccups like not enough users, meh rewards, and it was a bit of a resource hog. Plus, the crypto world is shifting, with more buzz around zkEVM solutions, which left Lido's Polygon operations feeling a bit left out in the cold.
With the spotlight now on Ethereum, Lido decided it was time to refocus and wave goodbye to Polygon. But before you panic, here's what stMATIC holders need to know: rewards will hit the brakes during the transition, and there’s a brief pause in operations from January 15-22, 2025. Make sure to unstake your MATIC tokens before June 16, 2025, because after that, accessing your tokens will be a bit trickier.
Mark your calendars for December 16, 2024, because that's when new staking stops. You'll have six months to cash out your tokens, ending on June 16, 2025.
Lido had a similar farewell party on Solana last year, when financial concerns led to shutting down operations there. Now, with Aave also considering wrapping up on Polygon, things are definitely shaking up. And let's not forget Swell, which announced it’s moving to the Optimism Superchain.
Stay tuned, crypto fans, because the world of liquid staking is always full of surprises!
