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
Michael Saylor's Strategy Hangs on to Spot in Nasdaq 100 Index
The annual Nasdaq 100 rebalance saw six companies dropped and three new additions, with changes taking effect on December 22, but bitcoin treasury company Strategy hung onto its spot.
What to know:
- Strategy (MSTR) will remain in the Nasdaq 100 index despite a major reshuffle, which saw several household names dropped.
- The firm's business model, which involves stockpiling bitcoin, has drawn criticism from analysts and index providers, with MSCI considering excluding crypto treasury companies from its benchmarks.
- The Nasdaq 100 rebalance saw six companies dropped and three new additions, with changes taking effect on December 22, but Strategy's bitcoin-heavy strategy secured its spot.
Top Stories
