"Lido on Solana" Seeks Financial Support from Lido DAO or Faces Shutdown

"Lido on Solana" Seeks Financial Support from Lido DAO or Faces Shutdown
Source: Solana

The "Lido on Solana" team has initiated a proposal within the Lido DAO to seek financial support. The team reports development costs of $700,000 over the past year, with revenue totaling only $220,000, resulting in a net loss of $480,000.

The team is seeking two financial support options: Lido DAO providing financial assistance over the next 12 months, including budgets for development, marketing, and customer service, totaling $1.5 million.

If Lido DAO is unable to provide financial support, they plan to initiate a shutdown process similar to that seen on Polkadot and Kusama. Starting from September 10th, they will no longer accept new staking deposits, node operators will exit the pool on October 10th, and front-end support will cease by February 10, 2024.

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Source

Lido

Solana

In This Article

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