Bittime - Users of the Lido staking platform are confused. A total of $24 million of their Solana (stSOL) crypto tokens were stuck and could not be retrieved. The cause? Glitches in Lido smart contracts.
Lido Solana Closed, Users Have Difficulty Withdrawing Funds
The easy Solana (SOL) staking service with 5% yield on Lido Solana has been closed in October 2023 due to financial issues and operational costs.
While users could previously withdraw their Solana easily, that option has been removed.
Now, users must manually pull Solana through Solana's complicated command line interface (CLI). This caused many users difficulties and frustration, with a total of $24 million stSOL stuck in 31,588 accounts.
Users complained about the complicated withdrawal process and errors that occurred despite following Lido's instructions.
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Broken Smart Contracts Cause Congestion
The Solana withdrawal bottleneck on Lido was not caused by user error, but rather by a malfunction in the smart contract, the automated program that manages withdrawals.
Pavel Pavlov, from P2P Validator (original developer of Lido Solana), explains that this crash is likely related to changes to the Rent-Exempt Split logic.
The P2P team is contacting Lido DAO for a possible fix, but the process is time-consuming and complicated.
As a temporary solution, users can use the Sanctum or Jupiter protocol to exchange stSOL for SOL or other liquid staking tokens .
Lido Finance has not provided an official response to this problem.
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You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
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Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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