Lido Finance Ends Polygon Network Staking Services, Ethena Labs’ ENA Token Gains Momentum

Lido Finance has announced it will end staking services on the Polygon network by June 16, 2025, citing low adoption and changing priorities.

Key Takeaways:

Yerevan, Armenia (CoinChapter.com) — Lido Finance will discontinue its staking services on the Polygon network by June 16, 2025. The decision follows a community vote in which 99% of LDO token holders supported the move.

The decision comes amid the decentralized finance (DeFi) sector's shift towards zkEVM solutions and changing priorities. Lido's presence on Polygon was initially introduced in 2021 by Shard Labs, but demand for Polygon proof-of-stake (PoS) staking has since declined.

According to the latest data on Dec. 16, Lido Finance holds $41 million in staked tokens on the Polygon network. Meanwhile, DefiLlama reports that the Polygon network's total value locked (TVL) stands at $1.2 billion, with Lido contributing a small portion.

Despite its reduced presence on Polygon, Lido Finance remains the largest liquid staking protocol with $38 billion in TVL. Last year, the protocol announced its departure from the Solana blockchain due to concerns over financial sustainability and low user adoption.

As Lido Finance prepares to exit Polygon, Ethena Labs' ENA token is making waves following the launch of its USDtb stablecoin, which attracted $65.4 million in TVL within 24 hours, thanks to backing from BlackRock's BUIDL Fund.

Technically, the ENA token is displaying bullish momentum, trading above the 20-day exponential moving average (EMA) for short-term support. It is also testing the 0.786 Fibonacci retracement level at $1.24, a crucial price point for traders.

Volume data reveals increased trading activity supporting ENA's bullish trend. The 50-day EMA is rising, indicating longer-term strength in the token's movement.

If the ENA token manages to hold above $1.24, the next resistance level lies at $1.53, which marks the 1.0 Fibonacci retracement level and its previous all-time high.

The relative strength index (RSI) is at 66, indicating active buying momentum. While this value is approaching overbought territory, it still allows for further movement.