Solana’s Lido Team Puts Forward a Financial Rescue Plan for the Lido DAO Community

Lido on Solana Team Seeks Financial Assistance

The Lido on Solana development team is facing financial challenges and has formally requested financial assistance from the Lido DAO community. The team reports a significant revenue shortfall against development costs, with expenses totaling $700,000 over the past year, while revenue only amounted to $220,000. This has resulted in a net loss of $480,000. The team states that the decisions made in this critical juncture will significantly impact the future of Lido on Solana.

Two Proposed Scenarios

The team’s proposal to the Lido DAO community outlines two possible scenarios for the project’s future:

  1. Scenario 1: 12-Month Financial Commitment
  2. In this scenario, the team requests a 12-month financial commitment from Lido DAO to cover development, marketing, and customer service costs, totaling $1.5 million. The team emphasizes the urgency of this decision, highlighting its importance for the project’s sustainability.
  3. Scenario 2: Phased Project Shutdown
  4. If financial support is not secured, the team plans to initiate a phased discontinuation of the project with the following timeline:
  5. New staking deposits halted: Starting September 10, of this year.
  6. Node operators withdrawal from the pool: By October 10.
  7. Front-end support termination: By February 10, 2024.

Despite Challenges, Notable Achievements

It’s worth noting that despite the financial challenges, the Lido on Solana project has achieved remarkable milestones, including:

  • 330% growth in Total Value Locked (TVL).
  • Expanded integration with 22 DeFi protocols.

The team remains committed to the project’s success and is eagerly awaiting the decision of the Lido DAO community to determine the project’s future direction.

Leave a Reply

Your email address will not be published. Required fields are marked *