Will Lido Stay on Solana? Dev Team Asks for Funding from Lido DAO

The P2P team turns to Lido DAO for crucial financial backing to continue to work on Lido’s integration with Solana.

Guy asking for King LIDO Neptune for help.
Created by Kornelija Poderskytė from DailyCoin
  • The P2P dev team asks for funding from Lido DAO.
  • The team has been managing Lido’s Solana integration. 
  • The funding proposal has significant implications for the ecosystem. 

The P2P development team, key players in the collaboration between Lido and Solana, is signaling a potential crossroads. To sustain their operations, they are asking for funding. This request poses a question for the Lido community: Can the project continue to offer liquid staking solutions on Solana without their help?

P2P Team’s Funding Appeal: A Turning Point for Lido on Solana?

On Monday, 4 September, the P2P team published a funding proposal to the Lido DAO. Specifically, they are asking for funding to continue their work on integrating the protocol with Solana. 

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Often operating behind the scenes, the P2P team has been instrumental in solidifying Lido’s footprint on the Solana blockchain. Their involvement spans from spearheading developmental tasks to enhancing the user experience. 

The P2P team has listed their achievements since working on the project’s integration with Solana to boost their case. For one, they acquired Chorus One, a staking infrastructure provider. They also released a second iteration of Lido’s smart contract for Solana. 

What Solana Integration Means for Lido

The partnership between Lido and Solana has significant benefits for both projects. Solana’s salability and Lido’s liquid staking solution can potentially alleviate common pain points in the DeFi sector.

Lido DAO is a decentralized autonomous organization designed to provide liquid staking solutions. Originally conceptualized for Ethereum, Lido has since expanded, aiming to offer its services on other leading blockchains. Lido ensures that as users stake their assets, they can remain liquid, fostering increased participation in staking. 

On the Flipside

  • While the P2P team’s request underscores the importance of financial backing, it raises questions about sustainability. 
  • Lido’s expansion to other chains, like Solana, has benefits. However, the project also risks being spread thin in development efforts. 

Why This Matters

The potential discontinuation or stagnation of Lido’s services on Solana could reshape the staking landscape. Traders who rely on Lido for liquid staking on Solana might need to explore alternative avenues.

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Read more about Lido DAO: 

Lido DAO (LDO): Project Review, Recent Developments, Future Events, Community

Read more about Stellar’s recent performance: 

Stellar (XLM) Bucks the Trend with 11% Surge as Anticipation Builds

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
David Marsanic

David Marsanic is a journalist for DailyCoin who covers the intersection of crypto, traditional finance, and government. He focuses on institutionalized crypto entities like major cryptocurrency exchanges and Solana, breaking down complex topics into easy-to-understand writing. David's prior experience as a business journalist at various crypto and traditional news sites has enabled him to maintain a critical approach to news while adhering to high journalistic integrity standards.