Lido Finance Supports Solana Staking
In 2022, Lido Finance introduced its decentralized finance (DeFi) protocol to provide staking services for Solana users. This allowed SOL holders to stake their tokens and receive a liquid staking token in return.
Lido Seeks Additional Funds for Solana Support
However, Lido Finance is facing a challenge that could potentially end its support for Solana. To address this issue, the Lido team plans to propose a request for additional funds to the Lido DAO, the decentralized autonomous organization governing the protocol.
$1.5 Million Funding Proposal for Lido on Solana
The Lido on Solana P2P team has presented a funding proposal to the Lido DAO, seeking $1.5 million to sustain the development efforts of the project for the next year. The proposal outlines the allocation of funds for development costs, marketing, and customer support, aiming to establish Lido as a prominent DeFi platform for Solana staking.
Ambitious Goals and Features
The team aims to capture 1% of the Solana staking market share within the next 12 months. The proposal also emphasizes the introduction of new features, a more consistent marketing strategy, and reliable customer support to drive the growth of the Solana DeFi market.
Sunsetting the Project Without Funding
In the event that the $1.5 million funding is not secured, the Lido on Solana project may come to an end and be discontinued, similar to the Polkadot and Kusama projects. To execute the sunsetting process, the team would require $20,000 per month for five months.
2023-09-10 — New staking deposits are no longer accepted by Lido on Solana
2023-10-10 — Voluntary node operator off-boarding from the pool
2024-02-10 — Frontend support is halted, unstaking is available only through CLI
Final Remarks and Voting
Voting on the funding proposal will commence in the next four weeks. The Lido team emphasizes the significance of the decisions made during this critical juncture and invites constructive feedback from the Lido DAO to shape the future of Lido on Solana.
Hot Take
The Lido on Solana project stands at a crossroads, with its continuation dependent on securing the necessary funding. The outcome of the funding proposal will significantly impact the growth and potential of Lido as a leading DeFi platform for Solana staking.
Bitro Conwell stands as an intellectual architect, weaving together the roles of crypto analyst, meticulous researcher, and editorial virtuoso with finesse. Amidst the digital intricacies of cryptocurrencies, Bitro’s insights resonate harmoniously with seekers of all stripes, showcasing a profound understanding. His ability to untangle the most complex threads within the crypto landscape seamlessly pairs his their editorial finesse, transforming intricacy into an artful tapestry of comprehension. Guiding both seasoned pioneers and curious newcomers, Bitro’s insights forge a compass for astute decision-making within the ever-evolving cryptoverse. With the craftsmanship of a linguistic artisan, they craft narratives that enrich the evolving chronicle of the crypto cosmos.