Lido Finance Rejects Terra 2.0: 94.57% Vote No

The Terra (LUNA) and UST debacle continues to reverberate through the crypto-realm. In a recent development, Lido Finance, a liquid staking solution, has delivered a decisive verdict: they will not support the new Terra blockchain (Terra 2.0).

A community vote by Lido Finance, the largest liquidity staking pool platform, concluded with an overwhelming majority opposing the revitalization plan. The Lido DAO community rejected the idea to support Terra’s reboot with 94.57 percent voting no. Decentralized Finance Project (DeFi) Lido Finance voted overwhelmingly against supporting the new Terra blockchain, with less than 5.5% voting in favor.

Why Lido Finance Said No to Terra 2.0

According to the Lido Finance recently-concluded proposal, 94.57% of participants voted against the relaunch of the protocol on Terra 2.0, while fewer than 5.5% voted in favor. This signals a significant lack of confidence in the project's revival. The proposal to support Terra’s reboot, which once held promise, failed to garner the necessary support within the Lido community.

This decision follows the devastating collapse of the original Terra blockchain and its UST stablecoin. Terra was, in reality, the second-largest platform for liquidity staking, and its downfall has understandably made stakeholders wary of any future association. Lido Finance, a liquid staking solution for ETH 2.0, clearly prioritizes the stability and security of its platform and community.

In summary, Decentralized finance (DeFi) project Lido Finance voted overwhelmingly against supporting the new Terra blockchain, highlighting the ongoing repercussions of the initial Terra collapse. The Lido Finance stance underscores the crypto community's cautious approach to projects associated with the previous Terra ecosystem.