Requesting Financial Support from Lido DAO
If you’ve been following Lido Finance’s deployment on Solana, you may be interested to know that the P2P team has recently submitted a funding proposal to the Lido DAO community. They are seeking financial support of $1.5 million to ensure the continued growth and sustainability of the project on the network.
The team at P2P has been working hard on both product and business development, but they need additional funding to take Lido on Solana to the next level. Yuri Mediakov, senior product manager at P2P, expressed the importance of financial support from the Lido DAO in order to continue their efforts.
To achieve their goals, the P2P team is requesting a total of $1.5 million over the next year. This includes a development retainer of $200,000 per quarter, an annual marketing budget of $600,000, and $100,000 annually for customer support. In return, they aim to capture over 1% of Solana’s staking market share and further enhance the product.
In the event that the Lido DAO is unable to provide the requested financial support, the proposal suggests initiating a sunsetting process similar to what was done with Lido on Polkadot and Kusama. This would involve gradually discontinuing support for Lido on Solana by February 2024.
Yuri Mediakov emphasized the importance of financial support from Lido DAO, stating, “We propose starting a sunset process if financial support from Lido DAO is unavailable, similar to Lido on Polkadot and Kusama.”
A Hot Take on Lido Finance on Solana
Lido Finance’s request for financial support from the Lido DAO is a crucial step in ensuring the growth and success of the project on Solana. By investing in the development, marketing, and customer support, P2P aims to secure a significant portion of Solana’s staking market share.
As an active participant in the Solana ecosystem, P2P has already demonstrated its commitment by operating a validator on the network and supporting infrastructure for Solana-based projects. With their expertise and dedication, P2P believes that continuing Lido operations on Solana will be highly beneficial as the Solana DeFi ecosystem continues to expand.
While Lido Finance currently dominates the liquid staking market on Ethereum, its presence on Solana is still relatively smaller. With fierce competition from other players in Solana’s liquid staking niche, financial support from Lido DAO will be instrumental in solidifying Lido’s position and unlocking its full potential on Solana.
Overall, supporting Lido Finance on Solana through the proposed funding would not only benefit the project itself but also contribute to the growth and development of the Solana ecosystem as a whole.
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