Lido’s Temporary Suspension of Pledge and Withdrawal Function on Polygon: Troubleshooting stMATIC’s Withdrawal Error
It is reported that Lido, the liquidity pledge agreement, posted on social media that due to the discovery of errors affecting stMATIC\’s withdrawal, Lido\’s ple…
It is reported that Lido, the liquidity pledge agreement, posted on social media that due to the discovery of errors affecting stMATIC’s withdrawal, Lido’s pledge+withdrawal function on Polygon has been temporarily suspended for troubleshooting. All funds are safe, and the deposit and withdrawal will be recovered in the next few days. Withdrawal and withdrawal have been suspended during troubleshooting. The expected time to resume normal operation is the next few days.
Lido: The pledge and withdrawal functions on Polygon have been suspended due to the discovery of problems affecting stMATIC withdrawal
Interpretation of the news:
Lido, a liquidity pledge agreement, has temporarily suspended its pledge and withdrawal function on Polygon. This action was taken as a result of the discovery of errors that affected the withdrawal of stMATIC. Despite the temporary suspension, Lido assures its users that all funds are safe, and the deposit and withdrawal services will be reinstated in the next few days after the troubleshooting.
The liquidity pledge agreement is a protocol that allows users to stake their cryptocurrency assets in exchange for a token that represents their stake in the total pool of assets. This pool of assets is used to provide liquidity to various decentralized finance (DeFi) protocols. Lido’s pledge and withdrawal feature permit its users to deposit their cryptocurrency assets in the liquidity pool, lend them out to other DeFi protocols, and withdraw their assets when they need them.
However, the discovery of errors affecting stMATIC’s withdrawal has prompted Lido to temporarily suspend its pledge and withdrawal functions on the Polygon network. Polygon is a layer two scaling solution built on the Ethereum network. It is designed to provide a faster, more cost-effective, and scalable infrastructure for decentralized applications (dApps).
The specific details of the withdrawal error that affected stMATIC are not evident at this time. However, Lido’s prompt action to suspend its pledge and withdrawal services demonstrates its commitment to user safety and transparency. The temporary suspension of services during the troubleshooting process is necessary to determine the cause of the error and rectify it promptly. The expected time frame for the restoration of normal operations is within the next few days.
In conclusion, Lido’s temporary suspension of its pledge and withdrawal function on Polygon serves as a reminder of the risk associated with DeFi protocols. However, Lido’s prompt action to troubleshoot and rectify the error demonstrates its commitment to user safety and transparency. Therefore, investors and users of the Lido protocol can rest assured that their funds are safe, and services will be reinstated soon.
Word Count: 346
This article and pictures are from the Internet and do not represent qiAiAi's position. If you infringe, please contact us to delete:https://www.qiaiai.com/crypto/5525.html
It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.
Related recommendations
-
Solana Labs Ready to Launch Saga Smartphone with Web3 Support
On February 19, Solana Mobile, a subsidiary of Solana Labs, previously announced that the Saga smart phone with Web3 support will be launched in early 2023. At…
-
Bank of America clients withdraw funds from US stocks for three consecutive weeks
According to reports, although the US stock market continued its upward trend this year, Bank of America\’s clients withdrew funds from the stock market for the third consecutive we
-
ETH Worth $52 Million Transferred from Giant Whale Address 0xdfb6 to Kraken Exchange
On March 29, it was reported that the monitoring data of JieData showed that the giant whale address starting with 0xdfb6 transferred an ETH worth $52 million to the Kraken Exchang
-
The Global Partnership Against Cryptocurrency: The G20 Approach
According to reports, Indian Finance Minister Sitharaman stated that the G20 believes that any action taken against the cryptocurrency market should be a global partnership; The G2
-
Decentraland DAO and Its Efforts to Encourage Voting Participation
On February 18, the metadata platform Decentraland released the January 2023 community update, which pointed out that there was a problem with the distribution…
-
Bitcoin Network: Unconfirmed Transactions and Difficulty Explained
According to reports, BTC.com data shows that the current number of unconfirmed transactions across the Bitcoin network is 11056, the overall network computing power is 337.92 EH/s
-
The Truth About Banking Regulation: JPMorgan Chase CEO Sets the Record Straight
According to reports, JPMorgan Chase CEO Damon stated in an interview that relaxing banking regulation during the Trump administration was not the main cause of the current banking
-
Circle CEO suggests that the US banking system still faces systemic risks despite the resumption of USDC anchoring
According to reports, a few days after the US federal government stepped in to protect the now defunct Silicon Valley bank depositors, Jeremy Allaire, the CEO of Circle, said in an interview with CNBC that although the USDC had resumed anchoring, the banking system risks had not completely disappeared. He explained that the risks of the broader impact on the US financial system appeared to be systemic, and I do not believe that these risks had completely dissipated at this time. Circle will protect itself by reducing bank deposits. From the perspective of Circle, the main preventive measure is to ensure that we are exposed to the hidden risks in the partial reserve banking system as little as possible. （dailyhodl） Circle CEO: Will protect themselves by reducing bank deposits Analysis based on this information:According to recent reports, the CEO of Circle, Jeremy Allaire, has expressed concerns about the systemic risks still present in the US banking system, even after the…
-
Huang Licheng Decreases APE Position and Invests in Ethereum via Blur Binding Pool
On February 20, it was reported that Yu Yan, a Twitter user, said that Huang Licheng, a singer from Taiwan, China, China, began to reduce his position in APEs …
-
British Finance Minister to require separate declaration of cryptocurrency taxes
According to reports, British Finance Minister Jeremy Hunt announced his new measures at the annual budget meeting on Wednesday, saying that officials are revising their self-assessment tax returns to require a separate determination of the amount related to encrypted assets. The move is expected to raise an additional £ 10 million ($12 million) in tax revenue annually. At the same time, officials say they will maximize the potential of the metauniverse and manage downside risks in terms of privacy, security, and harm. UK Treasury: Taxpayers need to separately declare encrypted assets from next year Analysis based on this information:The British Finance Minister, Jeremy Hunt, recently announced a new measure that would require those with cryptocurrency assets to declare them separately on their self-assessment tax returns. This move is expected to generate an additional £10 million ($12 million) in tax revenue each year. Hunt made the announcement during the annual budget meeting on Wednesday. Cryptocurrencies, such as Bitcoin and Ethereum, have…