Solana

Lido DAO

<ul><li>Lido on Solana team requests $1.5 million from Lido DAO to sustain operations and cover a net loss of $480,000.</li><li>The proposal outlines two scenarios: securing a 12-month financial commitment or initiating a phased project shutdown.</li><li>Despite financial challenges, the project reports a 330% growth in Total Value Locked and expanded integration with 22 DeFi protocols.</li></ul>The Lido on Solana development team has formally <a href="https://research.lido.fi/t/lido-on-solana-funding-proposal/5371" rel="noopener noreferrer nofollow">requested</a> financial assistance from the Lido DAO community, citing a shortfall in revenue against development costs. Over the past year, the team has incurred $700,000 in expenses while generating only $220,000 in revenue, resulting in a net loss of $480,000. The proposal stated,&#34;We are at a critical juncture where the decisions we make today will shape the future of Lido on Solana.&#34;The team&#39;s proposal to the Lido DAO community outlines two possible scenarios for the project&#39;s future. The first involves securing a 12-month financial commitment from Lido DAO to cover development, marketing, and customer service costs, totaling $1.5 million. The team emphasized the critical nature of the decision, stating that immediate action is essential for the project&#39;s sustainability.In the absence of financial support, the team plans to initiate a phased discontinuation of the project. According to the proposal, new staking deposits would be halted starting September 10th of this year. Subsequently, node operators would withdraw from the pool by October 10, and front-end support would be terminated by February 10, 2024.Read full article at<a href="https://cryptotale.org/lido-on-solana-team-proposes-financial-lifeline-to-lido-dao-community/" rel="noopener noreferrer nofollow"> CryptoTale .</a>

Lido on Solana Team Proposes Financial Lifeline to Lido DAO Community

CryptoTale

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