EDUSELL
Financial Market Examiner
Midas Crypto Vault
  • Home
  • Education
  • Forex News
  • Crypto News
  • Stocks
  • Reviews
No Result
View All Result
  • Home
  • Education
  • Forex News
  • Crypto News
  • Stocks
  • Reviews
No Result
View All Result
Financial Market Examiner
No Result
View All Result
Home Crypto News

DeFi Protocol, Lido Unwinding on Terra Classic

Admin by Admin
July 4, 2022
in Crypto News
0
Terra’s Do Kwon, Former CFO Found Guilty By Montenegro Court
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter
Event Event

DeFi staking protocol, Lido has began unwinding Lido on Terra Classic and the Anchor-stETH integration. The four stages unwinding will begin today, according to reports.

The Lido community had passed the “Sunset Lido on Terra” proposal with 99% of voters agreeing to shut down Lido on Terra Classic and bETH. Out of the total Luna’s supply staked, 26% is staked on Lido.

With Terra’s Market and Staking modules disabled and Terra Station becoming unstable, bLuna and stLuna minting has stopped. This has led to the tokens being stuck.

The Lido on Terra unwind will happen in four stages. They are Withdrawal Requests (July 4-18), and Unbonding Period (July 18 – August 12). Other stages are Claim Requests (August 12-26) and lastly UI Shut Down (August 27)

Users can start requesting bLUNA and stLUNA withdrawals using the unbond feature at terra.lido.fi/unbond from July 4-18. In order to simplify the process, users can transfer all derivatives to a single wallet. It will prevent making repeat withdrawal requests.

The Process of Unwinding

Connect your Terra Station wallet and select “Classic” network under network. Thereafter, verify and sign to withdraw stLuna and bLuna. The 2nd Stage is between July 18-August 12, as the unbonding process takes 21-24 days to be completed. Moreover, users can check the withdrawal status on the “Claim” tab.

Finally, users can claim their tokens during the 3rd Stage by making claims of the withdrawn bLUNA and stLUNA.

The Lido-operated UIs will be officially shut down at the 4th Stage on August 27. After the shut down, users can only interact with the smart contracts via the command line interface and funds may be at risk of slashing.

In fact, node operators are free to keep the Terra validator running, or to shut it down.

Share on TwitterTweet
Share on Pinterest Share
Share on LinkedIn Share
Share on Digg Share
Tags: Cryptocurrency
Institutional Trading Concept Institutional Trading Concept Institutional Trading Concept
ADVERTISEMENT
Previous Post

Celsius Network Discharges Staffs to Stave Off Bankruptcy

Next Post

US Independence Day: EUR/USD Holds Above 1.0400

Admin

Admin

Next Post
EUR to USD

US Independence Day: EUR/USD Holds Above 1.0400

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

  • 99 Subscribers
  • Trending
  • Comments
  • Latest
yen and dollar

FOREX-Yen Flirts With Intervention Level As Dollar See Gains

October 11, 2022
AUD USD pair

Forex: AUD/USD Point To More Downside For The Aussie

October 20, 2022
Mayowa Owolabi on battles traders need to fight

Battle Every Trader Must Fight (Part 1)- Mayowa Owolabi

August 31, 2022
Axie Infinity price

Axie Infinity Price Eyes 25% Gains Ahead of the Token Unlock

April 21, 2023
XAGUSD pair

XAG/USD Climbs to Mid-$19.00s

4
Premier League Considering Partnership With NFT Crypto Platform

Premier League considering partnership with NFT crypto platform

2
EUR/USD pair

EUR/USD Recovers from 20-year Lows

2
Binance Refocuses Efforts For Belgian Clients

Binance Proof-Of-Reserve Pledge Earns Support Following FTX Crisis

2
Chainalysis Lays Off 15% Of Staff To Curb Expenses

Chainalysis Lays Off 15% Of Staff To Curb Expenses

October 4, 2023
CFTC Chair Pushes For DeFi Regulation Amid Industry Tensions

CFTC Chair Pushes For DeFi Regulation Amid Industry Tensions

October 3, 2023
Bitcoin Fails To Hold $28,000 Amid Bond Yields Surge, Fed Hike Coming?

Bitcoin Fails To Hold $28,000 Amid Bond Yields Surge, Fed Hike Coming?

October 3, 2023
FOREX: EUR/USD Holds Steady Below 1.0500

FOREX: EUR/USD Holds Steady Below 1.0500

October 3, 2023

Recent News

Chainalysis Lays Off 15% Of Staff To Curb Expenses

Chainalysis Lays Off 15% Of Staff To Curb Expenses

October 4, 2023
CFTC Chair Pushes For DeFi Regulation Amid Industry Tensions

CFTC Chair Pushes For DeFi Regulation Amid Industry Tensions

October 3, 2023
Bitcoin Fails To Hold $28,000 Amid Bond Yields Surge, Fed Hike Coming?

Bitcoin Fails To Hold $28,000 Amid Bond Yields Surge, Fed Hike Coming?

October 3, 2023
FOREX: EUR/USD Holds Steady Below 1.0500

FOREX: EUR/USD Holds Steady Below 1.0500

October 3, 2023
Financial Market Examiner

Get all the latest Financial Market (Crypto & Forex) news, updates and other relevant resources here.

Follow Us

Browse by Category

  • Crypto News
  • Education
  • Entertainment
  • Forex News
  • Gaming
  • Review
  • Reviews
  • Stocks
  • Uncategorized

Recent News

Chainalysis Lays Off 15% Of Staff To Curb Expenses

Chainalysis Lays Off 15% Of Staff To Curb Expenses

October 4, 2023
CFTC Chair Pushes For DeFi Regulation Amid Industry Tensions

CFTC Chair Pushes For DeFi Regulation Amid Industry Tensions

October 3, 2023

© 2022 Financial Market Examiner. - Designed by Mayconcept Solutions.

No Result
View All Result
  • Home
  • Education
  • Forex News
  • Crypto News
  • Stocks
  • Reviews

© 2022 Financial Market Examiner. - Designed by Mayconcept Solutions.

?>