Share this article
DeFi Platform Lido Votes Against Supporting New Terra Blockchain
Terra's revival plan was approved by network validators earlier Wednesday.
Updated May 11, 2023, 4:19 p.m. Published May 25, 2022, 12:22 p.m.
Decentralized finance (DeFi) project Lido Finance voted overwhelmingly against supporting the new Terra blockchain, with fewer than 5.5% voting in favor. The revival plan was approved by Terra’s network validators today.
- Lido, a liquid staking protocol, is the fourth-largest DeFi platform, with $8.43 billion in total valued locked, according to DeFi Llama.
- Kwon's proposal is to carry out a hard fork of the blockchain, with the original chain continuing as Terra Classic. The new one will focus on attracting DeFi applications.
- A hard fork involves splitting the chain on which a protocol runs into two, with the new branch using a different set of rules. It represents an opportunity for Terra to perform a reset on its failed project, which saw native stablecoin UST and sister token LUNA collapse to near zero earlier this month.
- However, initial reaction to Kwon's plans was largely negative with some 92% of 6,220 Terra community members voting against the change.
- Goldman Sachs (GS) flagged Lido as illustrative of how decentralized finance can amplify systemic risk in a note released Friday, citing the protocol's links to Terra's Anchor protocol.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Nasdaq, home of Coinbase, Strategy stocks, seeks 23-hour trading amid investor demand
Crypto's 24/7 trading has influenced investor expectations, with Nasdaq acknowledging that many of its clients are already active overnight.
What to know:
- Nasdaq plans to expand stock and exchange-traded product trading to 23 hours a day, five days a week, according to a Reuters report.
- The move follows similar initiatives by the New York Stock Exchange and reflects growing global demand for extended market access.
- Always-on cryptocurrency trading has influenced investor expectations, with Nasdaq acknowledging that many of its clients are already active overnight.
Top Stories
