Concerns arise among SOL holders as $24M remains trapped in ‘malfunctioning’ contract at Lido

Up to $24 million worth of tokenized staked Solana (stSOL) has been unintentionally locked on the liquid-staking platform Lido due to a faulty smart contract. Lido on Solana, which allowed users to stake any amount of Solana (SOL) for a 5% yield, was discontinued in October last year due to financial issues and low fees. Users were initially given the option to unstake their Solana through a user-friendly interface, but that option was also removed in February, leaving them with only the option to manually unstake via Solana’s command line interface (CLI). However, some users have found the CLI to be too complicated. According to messages on Lido’s Discord channel, there is still around $24 million worth of stSOL in circulation across 31,588 holders. Some users have complained about the complicated process, while others have encountered errors despite following Lido’s instructions. However, it has been revealed that the issue may not be due to user error. Pavel Pavlov, a product manager at P2P Validator, the team behind Lido on Solana, explained that there is an issue with the smart contract behind the withdrawal function. The team is now reaching out to the Lido DAO to potentially change the smart contract. They are also exploring workarounds that do not require changes to the smart contract. Some users have suggested using Sanctum or Jupiter, which routes through Sanctum, to swap stSOL for SOL or other liquid staking tokens. Lido Finance has not yet responded to a request for comment.