- According to Satoshi Club, over $20M of SOL remains locked on Lido’s protocol.
- Lido formally ceased support for Solana on February 4.
- Pavel Pavlov noted that the complication stems from a glitch in Lido’s smart contract.
According to Satoshi Club, a crypto news broadcaster on X, over $20 million of SOL remains locked on Lido after its service discontinuation for Solana. In a recent post, the broadcaster noted that Lido formally ceased support for Solana on February 4, yet 112,923.29 SOL remains locked, affecting 31,585 users.
Lido reportedly discontinued services for Solana following a glitch within its smart contracts. As a result, users who staked SOL on the platform couldn’t withdraw their assets. According to recent revelations, the inability of users to withdraw their staked SOL on Lido is due to newly identified bugs.
Pavel Pavlov, a product manager at P2P, the organization responsible for operating Lido on Solana, alerted the community on the SOL withdrawal issues. On March 30, Pavlov noted via a Discord message that the complication stems from the “split function” employed during the withdrawal phase of the smart contract.
The product manager emphasized the complexity and time required to amend the Smart Contract. He also cited plans by the technical team to consult with Lido DAO over the issue. According to him, the planned consultation aims to discuss the next steps and establish timelines for resolving the matter.
Notably, Pavlov’s report coincides with a slump in SOL’s price that saw the cryptocurrency drop by 13% in the past four days. SOL pulled back from $204.25 on April 1, dropping to $175.89 within 48 hours. The altcoin traded for $183.12 at the time of writing, following an attempted return of the bullish trend, according to data from TradingView.
Several users have had difficulties unstaking their SOL tokens on Lido since the February 4 discontinuation of service. The process is more complex for users unfamiliar with the protocol’s command-line interface (CLI).
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