Lido Momentarily Disables Staking and Withdrawal Services
Due to the identification of an issue impacting stMATIC withdrawals, transactions on Polygon’s stake and withdrawal capabilities have been momentarily suspended for investigation by Lido Finance. Deposits as well as withdrawals will start up again in the coming days with all monies being secure. Large stMATIC withdrawals are having problems, it was discovered this morning. When a user makes a huge withdrawal request that is divided among several nodes, a problem arises. In this instance, the exchange rate between stMATIC and MATIC is 1:1.
Lido on Polygon staking + withdrawal functionality has been temporarily paused for troubleshooting due to the discovery of a bug affecting stMATIC withdrawals.
TLDR: All funds are safe and deposits and withdrawals will resume in the next few days.
— Lido (@LidoFinance) March 6, 2023
Retroactive Incentives will be Given After Regular Business has Resumed
To do troubleshooting, deposits as well as withdrawals have been stopped. In the upcoming days, it’s anticipated that business will resume as usual. Until the problem is fixed, rewards won’t apply. Retroactive incentives will be given out after regular operations have resumed.
The protocol’s security and safety are of the utmost importance, and the pause on the withdrawal and deposit process is implemented out of caution. In the upcoming weeks, a thorough post-mortem will be made public. They worry that Lido’s technological problems on Polygon harm the general user experience. While they attempt to fix these problems, they have temporarily stopped their staking and withdrawal capabilities.
They claim to have discovered the underlying reason for these problems, and they are now developing a resolution. Updates will be sent as soon as they are available. They will keep the community informed as they make progress in trying to fix these problems. After they have fixed the technical issues, the staking and withdrawal functionality will be back.
Users of Lido for Polygon may Securely stake their Matic Tokens
Decentralizing stake sharing and increasing capital effectiveness in the ecosystem are two additional benefits Lido may provide the Polygon ecosystem, allowing staked MATIC to take part in DeFi on Polygon.
