Solana wind down ‘deemed a necessity’ after low fees, says Lido Finance

The earlier proposal saw Lido seeking $20,000 each month from Lido DAO to support technical maintenance efforts included with sunsetting operations on Solana over the next five months.Lidos statement on ending services on Solana. Source: Lido.fiLidos P2P group has actually been working on the Lido on Solana task because acquiring it in March 2022 from Chorus One.Since the takeover, the P2P team has actually invested about $700,000 into Lido on Solana and made $220,000 in revenue, leading to a bottom line of $484,000, according to the mediakov, the author of the proposal.The alternative in the Sept. 5 proposal was to offer more financing to Solana from Lido DAO– however 65 million (92.7%) of the 70.1 million LDO tokens (voted by token holders) favored sunsetting operations on Solana instead, according to open-source voting platform Snapshot. Lido discussed the choice was a hard however needed one to make:” Whilst this choice was difficult in the face of numerous strong relationships throughout the Solana environment, it was deemed a necessity for the ongoing success of the broader Lido protocol environment.” Lido verified that staked-Solana (stSOL) token holders will continue to get network rewards throughout the sunsetting process.Related: Lido Finance divulges 20 slashing occasions due to validator config concerns Lidos staking services are now only supported on Ethereum and Polygon, where $14 billion and $80 million are staked, respectively, according to Lidos website.Lido released on Solana on Sept. 8, 2021, when SOL was priced at $189– an 87% fall from its existing price of $24, according to CoinGecko.Despite the news, SOL is up 8.6% over the last 24 hours.SOLs rate motions over the last 7 days. Source: CoinGeckoMagazine: DeFi Dad, Hall of Flame: Ethereum is woefully underestimated but growing more effective

Decentralized liquid staking procedure Lido Finance has actually revealed a decision to cease operations on the Solana blockchain following a neighborhood vote in Lidos decentralized self-governing organization.The proposal to sunset Lido on Solana was first advanced by Lidos peer-to-peer group on Sept. 5, mentioning unsustainable financials and low costs produced by Lido on Solana. Voting commenced on Sept. 29 and ended up a week later on Oct. 6.” After extensive DAO forum conversation followed by community vote, the sunsetting of the Lido on Solana protocol was authorized by Lido token holders and the procedure will begin soon,” Lido explained in an Oct. 16 post.Lido will not be accepting staking requests as of Oct. 16. Voluntary node operator off-boarding will start on Nov. 17 and Lido users will require to unstake on Solanas frontend by Feb. 4.” After this date, unstaking will require to be done using the CLI,” Lido added.After extensive DAO conversation followed by community vote, the sunsetting of Lido on Solana was approved by LDO holders and will begin shortly.More details here: https://t.co/MyImL1qpap— Lido (@LidoFinance) October 16, 2023