{"id":85827,"date":"2023-10-17T13:17:23","date_gmt":"2023-10-17T10:17:23","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=85827"},"modified":"2025-09-13T01:43:16","modified_gmt":"2025-09-12T22:43:16","slug":"lido-finance-to-discontinue-solana-support","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/lido-finance-to-discontinue-solana-support\/","title":{"rendered":"Lido Finance to discontinue Solana support"},"content":{"rendered":"<p>The liquidity staking <a href=\"https:\/\/forklog.com\/en\/news\/what-is-lido\">Lido Finance<\/a> will discontinue operations on the Solana blockchain following a <a href=\"https:\/\/forklog.com\/en\/news\/what-is-a-dao-decentralised-autonomous-organisation\">DAO<\/a> vote. Nearly 93% of its participants supported the decision.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">After extensive DAO discussion followed by community vote, the sunsetting of Lido on Solana was approved by LDO holders and will begin shortly.<\/p>\n<p>More information here: <a href=\"https:\/\/t.co\/MyImL1qpap\">https:\/\/t.co\/MyImL1qpap<\/a><\/p>\n<p>\u2014 Lido (@LidoFinance) <a href=\"https:\/\/twitter.com\/LidoFinance\/status\/1714006961602101639?ref_src=twsrc%5Etfw\">October 16, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In early September, the Lido P2P team, behind the platform\u2019s development on Solana, first proposed ending support for the network. Developer Yuri Medyakov, in a post, cited unstable financial metrics and low fee revenue.<\/p>\n<p>He noted that from 2022 to 2023 the project invested about $700,000 in deploying on Solana, earning roughly $220,000 in revenue.<\/p>\n<p>According to Medyakov, none of the development milestones planned for 2023-2024, including capturing a 2% stake of the staking market, could be achieved without additional support from the Lido DAO.<\/p>\n<p>Another option was to continue operating, for which developers sought $1.5 million in funding for 12 months. The amount included:<\/p>\n<ul class=\"wp-block-list\">\n<li>$200,000 per quarter to cover development costs;<\/li>\n<li>$600,000 for incentive programs and deployment support;<\/li>\n<li>$100,000 to create a customer support service that meets industry standards.<\/li>\n<\/ul>\n<p>This scenario assumed Lido&#8217;s share in Solana staking would grow to at least 1%, yielding roughly $200,000 in revenue.<\/p>\n<p>On September 28, the protocol team put both options to a DAO vote.<\/p>\n<p>In line with the decision, developers began closing new staking deposits on October 16. On November 17, the node operator shutdown will commence.<\/p>\n<p>The front-end support for Solana will be terminated on February 4, 2024. Until then, the P2P team will be allocated $20,000 per month to undertake the technical measures necessary to wind down operations on the network.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;The decision to close Lido on Solana does not reflect the belief of protocol participants in the potential and longevity of the blockchain ecosystem as a whole,&#8221; the team stressed.<\/p>\n<\/blockquote>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">And lastly \u2014 the decision to sunset Lido on Solana does not reflect the belief of Lido contributors in the potential and longevity of the Solana ecosystem as a whole.<\/p>\n<p>More updates to follow soon ?\ufe0f\u2764\ufe0f<\/p>\n<p>\u2014 Lido (@LidoFinance) <a href=\"https:\/\/twitter.com\/LidoFinance\/status\/1714006968715616672?ref_src=twsrc%5Etfw\">October 16, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Earlier, Glassnode <a href=\"https:\/\/forklog.com\/en\/news\/analysts-weigh-the-impact-of-lidos-liquid-staking-on-ethereum\">assessed the impact<\/a> of Lido&#8217;s liquid staking on Ethereum and allowed for further growth of the protocol&#8217;s share in the segment.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The liquid staking protocol Lido Finance will discontinue operations on the Solana blockchain following a DAO vote. Nearly 93% of its participants supported the decision.<\/p>\n","protected":false},"author":1,"featured_media":85828,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1289,1387,1159],"class_list":["post-85827","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrency-staking","tag-lido","tag-solana-sol"],"aioseo_notices":[],"amp_enabled":true,"views":"12","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/85827","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=85827"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/85827\/revisions"}],"predecessor-version":[{"id":85829,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/85827\/revisions\/85829"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/85828"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=85827"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=85827"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=85827"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}