Lido on Solana is shutting down (2024)

FAQs

How long does Solana staking take to deactivate? ›

When you deactivate stake, it takes until the start of the next epoch for it to be deactivated. Epochs usually last a little over 2 days. The next epoch will finalize in less than 4 hours, and that's when your stake will be available for withdrawal.

There are two main ways to unstake SOL from Solana staking: Using your wallet or an app like our Solana Staking Dashboard. This will issue an unstake command, and your stake will be available to withdraw when the current epoch ends.

Lido for Solana is a liquid staking protocol governed by the Lido DAO. Lido users can use this service to stake SOL tokens in exchange for staked SOL (stSOL). These tokens benefit users because they can be traded or utilized as collateral across other DeFi protocols, much like stETH.

Solana Staking Rewards

This rate is gradually decreasing by 15% per year, until reaching a floor of 1.5%. You can stop delegating your SOL from your Solana wallet at any time but you will need to wait 3 days to unlock your assets.

Here are some key points to consider when evaluating the safety of staking Solana (SOL): Staking typically involves interacting with smart contracts. There is always a risk that these contracts could have vulnerabilities or bugs that could be exploited, potentially leading to the loss of staked funds.

Staking requires your Solana to be locked on the protocol in order to earn rewards. During this time you won't be able to trade or transfer your Solana.

The withdrawal process is simple and has two steps: Request withdrawal: Lock your stETH/wstETH by issuing a withdrawal request. ETH is sourced to fulfill the request, and then locked stETH is burned, which marks the withdrawal request as claimable. Under normal circ*mstances, this can take anywhere between 1-5 days.

You might come across a 'Sorry, internet seems to be down', 'Sorry, insufficient funds' or 'A network error occurred' error message when attempting to unstake or withdraw an inactive SOL stake. This can happen if your Available balance doesn't have sufficient SOL to cover the transaction fee.

If you click on your stake balance, you will be given the option to unstake. Unstaking also takes an epoch. Once you click Unstake your stake will start deactivating and will become fully inactive after a maximum of 3 days (1 epoch).

The founder announced that the organisation is having no funds to run its business and they are shutting it down," Kumar posted. According to employees, Lido Learning's Founder Sahil Sheth addressed the town hall meeting, informing them that the startup is going through financial constraints.

How risky is Lido staking? ›

Staking ETH via Lido has inherent risks tied to liquid staking, including slashing, stETH deviating from its ETH peg, and potential smart contract vulnerabilities.

Ledger hardware wallet stores your private keys and signs transactions offline, making them resistant to malicious attacks and threats. Pair the Ledger crypto wallet with Ledger Live App to manage your Lido (LDO) on the go.

Increased transaction activity on the Solana network prompts Binance to suspend withdrawals, with optimizations expected to resolve the issue. Binance suspended withdrawals on the Solana network due to intermittent issues. The surge in trading volume on Solana potentially strains the network.

Your unstaking request is received by Crypto.com. Your stake is undergoing unbonding. The time required for unbonding depends on the network and is outside Crypto.com's control. Your assets are unstaked, and they have been returned to your Crypto Wallet.

After hitting the lowest points of the current bear market, Solana price is predicted to start a gradual recovery, although not with strong momentum.

Solana staking involves delegating SOL tokens to a selected validator while keeping full control over your keys. Validators use these as a bond for securing and validating the Solana blockchain, distributing rewards to you every epoch (about 2 days). The current reward rate for staking on Solana is 7.27 %.

Solana staking uses periods of times called epochs to delineate time. They are usually 2-3 days long. Your stake only activates and deactivates at the beginning and end of an epoch.

The unbonding period is 2 - 4 days & 1 epoch. On Solana, slashing is not automatic. If an attacker halts the network, they can be slashed upon restart.

One epoch in the SOL network lasts around 2-3 days. It takes one full epoch to deactivate your SOL delegation - once finished you will be able to withdraw it. This will include your original stake and any rewards you earned.