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
Analyst Highlights Misinterpretation of XRP's Short-Term Price Movements

Crypto analyst Jaydee757 emphasizes the importance of viewing XRP's price movements through a longer-term lens rather than focusing on short-term fluctuations.

Ali Martinez Raises Concerns Over Cardano's Market Valuation

Renowned crypto analyst Ali Martinez raises concerns about Cardano's market valuation, stating it is misaligned with actual network usage and warns of potential price declines.

Pudgy Penguins Unveils New Browser-Based Game: Pudgy World

Pudgy Penguins has launched its highly anticipated browser-based game, Pudgy World, which emphasizes creative freedom and community building.

Community Responds to Zeiler's Claims on Codius

XRP community members respond to Steven Zeiler's claims about the Codius project, emphasizing its token-agnostic design and discussing its current status.

Dogecoin Forms Bullish Pennant on Monthly Chart

Dogecoin is showing significant technical patterns on its monthly chart, indicating a potential bullish breakout.

Meta Acquires Moltbook, Expanding into AI Social Networking

Meta has acquired Moltbook, a social network where AI agents interact autonomously, expanding its ecosystem into AI.

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