Lido to Stop Pledge Plans for Polkadot and Kusama on August 1st

According to a blog post by Lido developer MixBytes, the DeFi pledge service Lido will stop its pledge plans on Polkadot and Kusama on August 1st. Polkadot and Kusama no longer accept deposits, and all assets will be automatically pledged on June 22. The official termination date is August 1st. Currently, there are a total of $4 million worth of DOT tokens and $75000 worth of KSMs on Lido.

Lido will discontinue its pledge plans on Polkadot and Kusama on August 1st

Lido developer MixBytes has recently announced that the DeFi pledge service will stop its pledge plans on Polkadot and Kusama on August 1st. This news follows Polkadot and Kusama’s decision to no longer accept deposits, which means all assets will be automatically pledged on June 22. The official termination date for Lido’s pledge plans is August 1st, giving users ample time to make any necessary arrangements.

Why Has Polkadot and Kusama Stopped Accepting Deposits?

Polkadot and Kusama are currently undergoing upgrades to their networks, and as a result, they have stopped accepting deposits temporarily. The upgrades are aimed at improving the scalability and security of the networks, and it is expected that they will be completed soon.

What Does This Mean for Lido Users?

Lido users who have pledged their assets on Polkadot and Kusama do not need to worry as their assets will be automatically pledged on June 22. However, it is important to note that users will not be able to withdraw their assets until the end of the pledge period, which is August 1st.

The Total Value of Assets on Lido

As of now, there are a total of $4 million worth of DOT tokens and $75000 worth of KSMs on Lido. These assets will continue to be pledged until August 1st, after which users will be able to withdraw their assets.

The Importance of Lido in the DeFi Space

Lido has become an increasingly popular DeFi platform that allows users to stake their assets and earn rewards. The platform has gained popularity due to its simplicity and low entry barriers, making it an ideal platform for both experienced and novice users.

Conclusion

In conclusion, Lido’s decision to stop its pledge plans on Polkadot and Kusama is a temporary setback but users do not need to worry as their assets will be automatically pledged. The upgrades to Polkadot and Kusama’s networks are expected to improve the scalability and security of the networks, which is a positive development for the DeFi space. Lido has become an important platform in the DeFi space and is likely to gain even more popularity in the future.

FAQs

1. Will Lido stop its pledge plans on other networks?
As of now, there are no plans to stop Lido’s pledge plans on any other networks.
2. Will Lido continue to add support for other networks in the future?
Yes, Lido is actively looking to add support for other networks in the future.
3. Is Lido safe to use?
Yes, Lido is a safe platform to use as it has implemented strong security measures to protect users’ assets.