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Lido sunsets staking on Polygon network

Staking protocol Lido has announced a timeline for the sunsetting of its products on Polygon in the coming months. The Lido Finance team announced on December 16 that it plans to discontinue all operations on Polygon following a DAO forum discussion and a community vote approving the move. According to the team, the decision to end Lido’s support on Polygon was made by Lido DAO ( LDO ) token holders, with the initial proposal forwarded by Shard Labs in 2021. You might also like: Grayscale launches Lido DAO and Optimism Trust Lido cited several challenges influencing the decision, including limited user adoption and shifting dynamics in the decentralized finance (DeFi) ecosystem. Additionally, Polygon’s transition to zkEVM has contributed to a decline in liquid staking activity. The Lido community’s governance resolutions looking to refocus on Ethereum ( ETH ) is also part of the reason for the sunsetting of the Polygon services. The discontinuation of staking on Polygon begins on December 16, 2024, after which no new staking will be allowed via the Polygon interface. A six-month transition period, running from December 16, 2024, to June 16, 2025, will allow users to unstake their Polygon ( MATIC ). “It is highly advised to unstake stMATIC prior to June 16, 2025 to ensure a smooth unstaking experience using the Lido on Polygon UI.” Lido Finance team on X Between January 15 and January 22, 2025, Lido on Polygon operations will temporarily pause, during which withdrawals will be unavailable. Frontend support for staking on the Polygon protocol will end on June 16, 2025. After this date, withdrawals will only be possible through explorer tools. Lido is the largest liquid staking protocol in the DeFi market, with DeFiLlama data showing it currently has a total value locked of $38.4 billion. Its TVL dwarfs that of Rocket Pool and Jito, which stood at $2.9 billion and $3.1 billion respectively. Read more: Justin Sun withdraws $209M ETH from Lido Finance, profits $349M CoinTurk News

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Singapore Leading World in Crypto Adoption, With 40% of Investors Holding Digital Assets: Report

The richest country in Southeast Asia has reportedly become the global leader in crypto adoption. Citing data from consultancy Henley & Partners, Bloomberg reports that Singapore is beating all other countries in embracing cryptocurrencies with the necessary infrastructure and rules the nation built for the digital asset industry. Singapore now has about 30 payments firms, including US-based Coinbase and Ripple and Hong Kong-based Futu that are licensed to provide digital token services by the central bank and financial regulator, the Monetary Authority of Singapore (MAS), which is also experimenting with a digital Singapore dollar. The city-state is also implementing tax incentive schemes for crypto while other Asian nations, including powerhouses China and India, are moving slowly out of the abundance of caution. Bloomberg says the Gen-Z and Baby Boomers also increasingly accept that crypto transactions can become mainstream following the US approval of crypto spot exchange-traded funds (ETFs). The result of the crypto exchange Independent Reserve’s survey earlier this year likewise shows that about 40% of Singaporean investors own crypto. The report says Singapore will likely benefit from its bet on digital assets as Donald Trump’s successful bid to return to the White House promises an era that will support the crypto rally. The price of Bitcoin ( BTC ) breached the six-digit mark following Trump’s win in the November presidential election. Bitcoin is trading for $105,281 at time of writing. Don`t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Featured Image: Shutterstock/Dk008 The post Singapore Leading World in Crypto Adoption, With 40% of Investors Holding Digital Assets: Report appeared first on The Daily Hodl . CoinTurk News