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Market News Lido Finance to Cease Operations on the Solana Blockchain

Lido Finance to Cease Operations on the Solana Blockchain

Following a DAO vote, Lido Finance will cease its Solana staking service, citing losses and minimal demand. By February 4, users and node administrators will be required to unstake. Lido's operations on Ethereum and Polygon will persist.

TOP1 Markets Analyst

2023-10-17

8688

As per a community referendum in Lido's decentralised autonomous organisation, decentralised liquid staking protocol Lido Finance has reportedly decided to cease operations on the Solana blockchain (Cointelegraph). The peer-to-peer team of Lido initially presented the notion of discontinuing Lido on Solana on September 5, citing the platform's unsustainable financials and the minimal fees it generated. The voting process lasted from September 29 to October 6.

As of October 16, Lido will no longer be receiving staking requests. Off-boarding of voluntary node operators will commence on November 17, and by February 4, Lido users will be required to unstake on Solana's interface. Following this date, unstaking will require the utilisation of the CLI. In a previous proposal, Lido requested $20,000 per month from Lido DAO to support technical maintenance efforts associated with the five-month cessation of Solana operations.

The Lido on Solana project has been under the development of Lido's P2P team since March 2022, when it was acquired from Chorus One. The author of the proposition states that the P2P team has invested approximately $700,000 in Lido on Solana since the takeover, but has only generated $220,000 in revenue, for a net loss of $484,000. The alternative in the September 5 proposal was to provide additional funding to Solana from Lido DAO; however, according to the open-source voting platform Snapshot, 65 million (92.7%) of the 70.1 million LDO tokens (voted by token holders) were in favour of sunsetting operations on Solana instead. Throughout the sunsetting procedure, staked-Solana (stSOL) token holders will continue to receive network rewards, as confirmed by Lido. According to Lido's website, the staking services are presently exclusive to Ethereum and Polygon, where $14 billion and $80 million are staked, respectively.