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Home CRYPTO

Lido Staked SOL Investors on Edge as $24M Remains Entrapped in ‘Broken’ Contract

Gary Ponce by Gary Ponce
April 3, 2024
in CRYPTO
Reading Time: 3 mins read
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  • Lido-staked Solana holders have been unable to retrieve their staked SOL due to an issue with a withdrawal smart contract.
  • Around $24 million worth of stSOL remains stuck on Lido’s platform despite the program being shuttered five months ago.
  • Lido is exploring options to resolve the issue, including potentially changing the smart contract or finding workarounds, but there are no timelines available yet.

Lido-staked Solana holders have been unable to retrieve their staked SOL due to an issue with a withdrawal smart contract.

Background on Lido and staked Solana

Lido on Solana, which once let users effectively stake any amount of Solana (SOL) for a 5% yield, was sunset in October last year due to unsustainable financials and low fees.

Until February, users had been given the option to unstake their Solana through a user-friendly front end, but that too was sunset, leaving them with only the option of manually unstaking via Solana’s command line interface (CLI).

The issue with withdrawing staked Solana

The CLI has proven to be too complicated for some users, according to messages on Lido’s Discord channel. In March, Solscan data shows there’s as much as $24 million worth of stSOL still in circulation across 31,588 holders.

Some on Discord have complained the process was too complicated for the layman, while others claim they’ve run into unknown errors despite following instructions provided by Solana on Lido.

It turns out the issue may not be the result of user error after all. In a March 30 Discord message, Pavel Pavlov, a product manager at P2P Validator (the team once behind Lido on Solana), revealed there was an issue with the smart contract behind the withdrawal function.

“It is suspected to be associated with alterations in the Rent-Exempt Split logic,” Pavlov said. “The current implementation uses the split function in the withdrawal process of the smart contract.”

Pavlov added while the issue has been identified, P2P also has no levers of influence in the situation and it’s now reaching out to the Lido DAO to potentially change the smart contract.

Potential solutions

Changing the smart contract is “quite significant in terms of complexity and time,” Pavlov wrote. The team is also looking into options to explore workarounds that do not require changes in the smart contract.

Meanwhile, some users suggest using on-chain stability protocol Sanctum, or Jupiter which routes through Sanctum, to swap stSOL for SOL or other liquid staking tokens.

Lido Finance did not immediately respond to a request for comment.

Conclusion

For now, the $24 million in staked Solana remains inaccessible to users due to issues with the Lido withdrawal contract. While potential fixes are being explored, there is no timeline for when users may be able to access their funds.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: JupiterLidoSanctumSolana
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Gary Ponce

Gary Ponce

Gary has been active in the crypto space since 2019, developing hands-on experience in trading, airdrop hunting, and identifying emerging narratives in low-cap tokens. For over four years, he has contributed research and editorial content with Aiur Labs and BlockNews, focusing on market analysis and community insights. His work reflects both transparency and independent reporting, with an emphasis on simplifying complex ideas for readers. Gary is a long-term believer in Bitcoin, Sui, Hype, Litecoin, XRP, and select meme tokens, combining personal trading knowledge with professional editorial standards.

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