The Risks and Impact of Over $21 Million Locked in Lido's DeFi Protocol for Solana
Wednesday, 3 April 2024, 06:00
Locked and Lost: Over $21 Million in Solana Stuck in Lido's DeFi Protocol
The community is in turmoil as over $21 million in Solana (SOL) remains locked within Lido's staking protocol.
Why Users Are Unable to Withdraw Solana From Lido's Staking Protocol
- Lido enables users to stake their digital assets in exchange for placeholder tokens.
- Lido announced the discontinuation of its Solana service, leading to the removal of its stSOL and SOL exchange interface.
- 112,923.29 SOL remains locked, affecting 31,585 users, according to Solscan data.
Impact: This DeFi crisis signifies the potential risks and challenges associated with smart contract bugs and protocol discontinuations, illuminating the need for enhanced security measures in the crypto space.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.