A glitch in the smart contract of the Lido liquid-staking platform has unintentionally trapped around $24 million worth of tokenized staked Solana (stSOL). The incident has impacted the Lido on Solana service, which had discontinued its 5% yield on staked Solana due to financial concerns and low fees. After removing an easy unstaking option, users had to navigate the complexities of the Solana command line interface (CLI) for unstaking their tokens. Many users faced difficulties with this process, leading to frustrations expressed on Lido's Discord channel in March. Data from Solana scan shows that $24 million in stSOL is still held by 31,588 holders. Users reported errors despite following Lido's guidelines, including failed attempts to unstake stSOL. Pavel Pavlov, a product manager at P2P Validator, revealed that the withdrawal issue was due to a smart contract malfunction, specifically related to Rent-Exempt Split logic's modification. While P2P was unable to directly fix the problem, efforts were made to adjust the smart contract with input from the Lido DAO. Updates from Pavlov noted progress in deploying an updated maintainer bot for CLI withdrawals and providing a user guide. Despite ongoing challenges in addressing the smart contract issue, work continues on finding alternative solutions with no set timeline for resolution. Some community members suggested utilizing Sanctum or Jupiter for converting stSOL into SOL or other liquid staking tokens. As of now, Lido Finance has not issued a statement on the matter. For crypto press release submissions, contact sales@cryptointelligence.co.uk.
Smart Contract Flaw Locks $24 Million in Staked Solana on Lido Platform

by Giorgi Kostiuk
2 years ago

Other news
Retail Investors Face Billions in Losses from TRUMP and MELANIA Memecoins

Retail investors have incurred over $4 billion in losses on the official TRUMP and MELANIA memecoins, which have plummeted significantly since their launch.

Bitcoin Spot ETFs Face Largest Drawdown in History

Bitcoin spot ETFs have experienced the largest drawdown in history, with a decline of 100,300 BTC following the October all-time high, reflecting a risk-off environment and institutional derisking.

t54ai Introduces x402 Facilitator for Seamless AI Payments on XRP Ledger

t54ai has launched an innovative x402 facilitator on the XRP Ledger, enabling AI agents to pay for API calls and digital services using XRP or RLUSD.

Bitcoin Lightning Network Sees Surge in Monthly Transactions

In November 2023, the Bitcoin Lightning Network saw a surge with over 11 billion transactions processed, indicating increased adoption by larger players.

Capitulation Risk Grows for Ethereum Whales Amid Unrealized Losses

Capitulation risk grows for Ethereum whales amid unrealized losses.

Exchange Inflows and Liquidity Dynamics Impact XRP Market

A recent CryptoQuant report highlights the impact of exchange inflows and liquidity dynamics on XRP's market behavior, indicating that spikes in inflows may precede volatility expansion.

Be the first to know about crypto news every day
Get crypto analysis, news and updates right to your inbox! Sign up here so you don’t miss a single newsletter