According to ChainCatcher, the liquidity staking protocol Lido tweeted that it has reached an agreement with its Polkadot partner MixBytes to stop development and operational support for the Lido protocol on Polkadot and Kusama from August 1, 2023.

MixBytes said that Lido faced some key challenges on Polkadot and Kusama and failed to meet financial expectations, including data related to protocol adoption and growth that did not meet expectations, macro market factors leading to a lack of liquidity in the Polkadot DeFi ecosystem, and Lido's resource tilt towards Ethereum.

As of March 15, Lido has stopped accepting new staking deposits on Polkadot and Kusama. Existing $stDOT and $stKSM holders will continue to receive rewards until June 15. Redemptions will also stop on June 15. On June 22, assets will be automatically unstaked from the relay chain and transferred to the parachain on July 24, and users can only claim them from the protocol UI. On August 1, the protocol will officially cease operations.

In addition, MixBytes also stated that it is evaluating the possibility of technically supporting native liquidity staking solutions focused on Polkadot and Kusama. (Source link)