Solana

Kusama

Lido DAO

<div class="coinjournal">
 <ul class="decimal_type">
  <li>Lido DAO sunsets Solana project due to financial issues, backed by 92% community vote.</li>
  <li>P2P team considered $1.5M funding or Solana exit due to $484,000 losses.</li>
  <li>Solana staking to be halted by February 2024.</li>
 </ul>
 <p>In a decisive move, Lido DAO has chosen to sunset the Lido on Solana project, following a resounding community vote in favour of this course of action. The decision has been attributed to the project’s financial constraints, leaving it unsustainable.</p>
 <p>Following the move, the value of the LDO <a rel="noopener noreferrer nofollow" title="token" href="https://thebittimes.com/tag/token.html">token</a>, Lido DAO’s native cryptocurrency, has dropped by almost 4% in the past few hours.</p>
 <div class="fr-img-space-wrap"><span class="fr-img-caption fr-fic fr-dib fr-draggable" style="width: 100%"><span class="fr-img-wrap"> <p><img decoding="async" src="https://cdn.thebittimes.com/images/2023/10/18/26416b085319ecb005423bb686944759.webp" class="fr-fic fr-dib" width="615" height="381"><span class="fr-inner" style="background: transparent;position: relative"><em>Lido DAO (LDO) price chart</em></span></p> <p></p></span></span>
 </div>
 <h2 id="sunsetting-lido-on-solana">Sunsetting Lido on Solana</h2>
 <p>The Lido on Solana project will undergo a phased sunset process over the coming months. Notably, stSOL <a rel="noopener noreferrer nofollow" title="token" href="https://thebittimes.com/tag/token.html">token</a> holders will have until February 2024 to unstake their assets through the Lido on the Solana frontend.</p>
 <p>This decision was reached after extensive deliberations and a community vote, with over 92% of Lido <a rel="noopener noreferrer nofollow" title="token" href="https://thebittimes.com/tag/token.html">token</a> holders endorsing the sunsetting of the Lido on Solana protocol. The alternative option, which garnered just over 7% support, involved providing additional funding to the project.</p>
 <h2 id="financial-considerations">Financial considerations</h2>
 <p>The P2P validator team, responsible for Lido on Solana, presented two scenarios to the community. The first scenario was to infuse $1.5 million in funding to sustain the project, while the second was to exit the Solana blockchain.</p>
 <p>The financial details revealed that the team invested approximately $700,000 into development and support, but their revenue amounted to only $220,000, resulting in a significant loss of $484,000. Should the community have chosen the sunsetting option, the P2P team would have relied on $20,000 per month in support from Lido DAO for technical maintenance over a period of five months, commencing from September 4, 2023.</p>
 <p>The decision to wind down the Lido on Solana project, despite strong relationships across the Solana ecosystem, was deemed necessary for the broader success of the Lido protocol ecosystem.</p>
 <p>This isn’t the first instance of Lido discontinuing its <a rel="noopener noreferrer nofollow" title="liquid" href="https://thebittimes.com/tag/liquid.html">liquid</a> <a rel="noopener noreferrer nofollow" title="staking" href="https://thebittimes.com/tag/staking.html">staking</a> solutions. Prior to this, Lido had already ceased <a rel="noopener noreferrer nofollow" title="liquid" href="https://thebittimes.com/tag/liquid.html">liquid</a> <a rel="noopener noreferrer nofollow" title="staking" href="https://thebittimes.com/tag/staking.html">staking</a> operations on Kusama and Polkadot.&nbsp;</p>
 <p>The sunsetting process on Solana will include an immediate halt to staking, voluntary off-boarding for node operators beginning on November 17, 2023, and a final date for stSOL token holders to unstake by February 4, 2024, via the Command Line Interface (CLI).</p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/ldo-token-takes-a-hit-after-lido-dao-votes-to-end-liquid-staking-on-solana-tbt66800.html">https://thebittimes.com/ldo-token-takes-a-hit-after-lido-dao-votes-to-end-liquid-staking-on-solana-tbt66800.html</a></p>

LDO token takes a hit after Lido DAO votes to end liquid staking on Solana

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