- Over $20 million in SOL remains locked after Lido ends Solana support.
- Bugs in Lido’s smart contracts halt SOL withdrawals, affecting 31,585 users.
- SOL price drops 13% amid withdrawal issues and community seeks resolution.
Satoshi Club, a broadcaster of cryptocurrency news on X, reports that more than $20 million in SOL is still inaccessible on the platform following the termination of Lido’s services for Solana. The broadcaster highlighted in a recent update that despite Lido officially ending its Solana support on February 4, a total of 112,923.29 SOL is yet to be unlocked, impacting 31,585 users.
Lido has ceased its services for Solana
Pavel Pavlov, the product manager at P2P, the entity that runs Lido on Solana, communicated the complexity of the issue with SOL withdrawals. On March 30, Pavlov shared through Discord that the issue originated from the ‘split function’ used in the smart contract’s withdrawal process, a complex problem that requires careful attention and time to resolve.
The product manager, Pavel Pavlov, emphasized the community’s crucial role in resolving the issue with SOL withdrawals. He stated that the technical team intends to seek guidance from Lido DAO, and the purpose of this upcoming consultation is to deliberate on subsequent actions and to set a schedule for fixing the issue, with the community’s input being highly valued.
It is important to note that Pavlov’s announcement happened at the same time as a decrease in the value of SOL, which fell by 13% over the last four days. SOL’s price declined from $204.25 on April 1 to $175.89 in just 48 hours. At the time this text was written, the cryptocurrency was trading at $183.12, as it attempted to recover, based on information from TradingView.
Since Lido’s services were terminated on February 4, numerous users have encountered challenges in unstaking their SOL tokens. Those not well-versed in the protocol’s command-line interface (CLI) find the process particularly daunting.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
