Changes Coming to Lido on Solana
Lido, the multi-platform staking solution, has announced that it will gradually phase out Lido on Solana protocol. New staking activities will cease immediately. The decision was made following discussions and a vote by the Lido DAO. The Peer-to-peer (P2P) team, responsible for developing Lido on Solana, presented two scenarios: continuing development or discontinuing Lido on Solana. The latter option was chosen, leading to a phased shutdown.
Timeline of Changes
The process of node operator off-boarding will begin on November 17. By February 4, 2024, Lido on Solana Frontend support will end, and unstaking will only be possible through the Command Line Interface (CLI).
Voting Process
In a previous proposal, the P2P team suggested gradually phasing out Lido on Solana by February 2024 with a monthly allocation of $20,000 for maintenance expenses. The voting process for this proposal is set to begin in four weeks, allowing community members to discuss it on Lido’s forum.
Hot Take: Transitioning Away from Lido on Solana
Lido’s decision to phase out its support for Solana is significant news for the crypto community. As one of the leading staking solutions, this transition reflects the evolving landscape of decentralized finance (DeFi) platforms. While it may disappoint some users, this move allows Lido to focus its resources on other protocols and projects. It also demonstrates the importance of community input and governance in decision-making processes within DAOs like Lido.
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