$21 Million in Solana Frozen in DeFi Platform, Users Locked Out
Over $21M in Solana locked on Lido's DeFi, affecting thousands
Currently, $21 million in Solana (SOL) is inaccessible to users on Lido's DeFi protocol, impacting 31,585 people.
This issue surfaced after Lido stopped its Solana operations due to a technical glitch, complicating withdrawals.
The shift to a more complex withdrawal system has raised concerns and criticism within the DeFi community.
The significant amount of Solana locked up highlights the risks involved in decentralized finance (DeFi) platforms.
Withdrawal Problems Explained: Lido, a significant DeFi platform, offers users the chance to stake cryptocurrencies in exchange for tokens that can be used on various DeFi services.
Although Lido's total ecosystem boasts over $31 billion in value, its Solana services lagged behind others, leading to the discontinuation announced in October.
The closure of its Solana operations on February 4 left 112,923.29 SOL locked up, valued at approximately $21 million.
Lido described ending its Solana services as a difficult decision but necessary for the growth of its wider ecosystem, acknowledging the strong connections within the Solana community.
