Lido Finance, a popular provider of staking infrastructure, announced recently that its services will cease to be available on Polkadot or Kusama. Investors and users have raised concerns about this decision. We’ll explain the meaning of sunsetting, its causes, and what it means to you in this article.
What is Sunsetting?
A process of retiring or phasing down a product or service is called sunsetting. It means that Lido will shut down their Polkadot, Kusama and Kusama services, which were launched in August 2021 and December 2021 respectively. This process should be complete by March 2023.
Why is Lido Sunsetting in Polkadot and Kusama so important?
Lido says that they have decided to discontinue their Polkadot, Kusama service as part of their long-term strategy for focusing on their core services and products. Jordan Fish, the CEO of Lido, stated that with limited resources it was important to focus on what is best for us. Lido will focus on Ethereum where it has a strong foothold within the staking market.
What does it mean for you?
If you use Lido’s services for Polkadot, Kusama or other platforms, you will need to take actions to transfer your assets from one provider to another. Lido provides a step-by–step guide that explains how to do this. Users are also assured that the company will continue to support Ethereum-based products and services.
Investors may be concerned about Lido’s plans for the future after the company’s services on Polkadot, Kusama were discontinued. It’s important to note that Lido is still a major player within the staking market and has expanded its services on Ethereum. It is part of its long-term strategy for focusing on its core products, and services.
Lido’s services for Polkadot or Kusama will be discontinued, which is a major development in the stake industry. It is understandable that investors and users may be concerned by the decision. However, Lido’s strategy is to continue to provide its core products and services. If you use Lido on Polkadot, Kusama or other services, make sure to follow the company’s guide to move your assets from one staking provider to another. Investors should keep an eye on Lido’s future plans as they continue to play a significant role in the staking market.