Support Needed: Lido on Solana Seeks $1.5 Million for Growth
The team behind the Lido on Solana project is facing challenges in meeting its objectives and is now turning to the community for financial assistance. To ensure the continued operation and development of Lido on Solana, the project requires a budget of $1.5 million.
Without the necessary funding, the staking solution on the Solana network may have to cease. It is crucial for the project to receive support from the community.
A Proposal for the Future of Lido on Solana
Yuri Mediakov of P2P, the company managing Lido on Solana, has presented a proposal to the Lido DAO community. Two scenarios are outlined, and the community’s votes will determine the path forward for Lido on Solana.
The first scenario involves injecting $1.5 million into Lido on Finance over the next 12 months. This budget will cover development expenses, marketing, and customer support. The goal is to achieve over 1% of Solana’s staking market share within the year.
By obtaining the necessary financial backing, Lido can contribute significantly to the growth of the Solana ecosystem.
The Sunsetting Option: Possible Closure of Lido on Solana
The second scenario proposes winding down the project if financial aid is not secured. The process, scheduled from September 2023 to February 2024, would require monthly support from the Lido DAO for technical maintenance.
This option follows a similar decision made for Lido on Kusama and Polkadot. Despite facing challenges on other networks, Lido Finance remains the largest staker of Ethereum, controlling 32.4% of the market share.
Lido’s Progress and Challenges
P2P acquired the Lido on Solana project in March 2022 and has since achieved significant growth. However, an investment of $700,000 resulted in a loss of nearly $500,000 due to the drop in Solana’s native token, SOL. The team remains optimistic about the future of Lido on Solana and looks forward to community feedback.
Hot Take: Support Lido on Solana for a Thriving Ecosystem
The success and longevity of Lido on Solana depend on the decisions made by the community. By providing the necessary support, we can shape the future and ensure Lido becomes a cornerstone in the Solana ecosystem.
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