Lido sunsets staking on Polygon network

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: Dec 16 2024

LDO-2.677%

RPL-3.106%

Should l Buy LDO?

Lido's Decision to Sunset Polygon Operations: Lido Finance has announced it will discontinue its staking services on the Polygon network starting December 16, 2024, following a community vote and discussions within the DAO. This decision is influenced by limited user adoption and changes in the DeFi landscape.
Transition Timeline and User Guidance: Users will have a six-month period to unstake their assets after the discontinuation begins, with operations temporarily pausing between January 15 and January 22, 2025. It is recommended that users unstake their stMATIC before June 16, 2025, for a smoother experience.

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Technical Analysis for LDO

Technical Sentiment Analysis for Lido DAO (LDO) As of , Lido DAO (LDO) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 1 indicators are flashing buy, while 3 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for LDO stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.

Support, Resistance & Moving Averages From a structural perspective, LDO is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Lido DAO (LDO) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	0.101	0.193	0.288	0.38	0.474	0.566	0.66
Fibonacci	0.193	0.264	0.308	0.38	0.451	0.495	0.566

About LDO

Lido DAO is a decentralized autonomous organization (DAO) which provides staking infrastructure for multiple blockchain networks.Most notably, the platform provides a liquid staking solution for Ethereum, allowing users to stake their ETH and receive stETH (Lido staked ETH) tokens in exchange, which represent the user's staked ETH and staking rewards.Lido DAO is secured by a mix of decentralized governance, audited code and smart contracts. The Lido protocol runs on Ethereum with help from smart contracts that process user deposits and distribute staking rewards, among other functions. Several third-party security firms have audited Lido’s smart contracts in order to identify and address potential vulnerabilities.The platform’s native token is LDO - which also serves as the governance token for Lido DAO. Holders can participate in governance proposals and vote on key decisions such as board adjustments, new integrations and platform updates. LDO holders have the right to determine the development and operation of the platform.Lido currently supports staking for Ethereum and Polygon only with the recent sunsetting of Solana.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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