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$21 million worth of Solana coins are locked in the Lido DeFi protocol

The community is in turmoil as over $21 million in Solana (SOL) remains stuck in the Lido betting protocol. This situation has highlighted the potential risks within decentralized finance (DeFi) systems.

Why can't users remove Solana from the Lido staking protocol?

Lido, a major player in the decentralized finance (DeFi) sector, allows users to stake their digital assets in exchange for tokens. These tokens can also be used on different DeFi platforms.

While the broader Lido ecosystem has accumulated more than $31 billion in total value locked (TVL), its Solana service lags behind competitors like Marinade and Jitto.

Finally, in October, Lido announced the discontinuation of its Solana service, removing the stSOL and SOL exchange interface. Lido officially stopped support on February 4, but 112,923.29 SOL tokens remain locked, affecting 31,585 users, according to the data. SolScan.

At current market prices, the value of the locked SOL is approximately $21 million.

“While this decision was difficult given the many strong relationships within the Solana ecosystem, it was considered necessary for the continued success of the broader Lido Protocol ecosystem.”", justified The Lido stops closing.

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Solana Stacked Lido (SOL)
Lido marked Solana (SOL). Source: SolScan

To make things more complicated Appearance of A flaw in Lido smart contracts, which prevented users from withdrawing their investments. This flaw, coupled with the end of the user-friendly interface, forced stakeholders to interact directly with the code, a process fraught with pitfalls. Especially for those with limited technical knowledge.

Total chaos!

The move from a web interface to code-based interactions has increased the risk of errors and left many investors stranded. Within the Lido community channels, there is strong criticism of the disruption and perceived neglect faced by stsol holders.

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"The Solana channel on Lido Discord is a complete mess. The stSOL holders trying to unblock are completely lost and careless. I know stSOL is replaceable, but I don't think this is the right way to treat users," books User

Although Lido has withdrawn from Solana, the DeFi network's presence remains strong. Platforms like Marinade Finance and Jito continue to show significant pledged assets.

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Solana’s DeFi influence has skyrocketed. It now occupies the fourth position in terms of total value locked (TVL), supported by a 61% increase over the past month.

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