P2P requests $1.5m funding to sustain Lido on Solana
The P2P staff managing Lido Finance’s operations on Solana submitted a funding proposal to maintain Lido’s liquid staking service on the layer-1 decentralized community.
A proposal submitted by Yuri Mediakov and the P2P staff suggests two choices: the Lido DAO approves $1.5 million in funding to help progress, or the protocol winds down staking help for Solana (SOL) customers by Q1 2024.
In line with Yuri Mediakov’s proposal, the P2P staff requires a $1.5 million money infusion over the subsequent 12 months to bootstrap progress and preserve the ‘Lido on Solana’ challenge alive. The proposal budgeted $600,000 yearly for advertising, $200,000 per quarter for growth prices, and $100,000 for buyer help.
The P2P staff expects to command 1% of Solana’s staking market with funding from Lido DAO and compete with different suppliers throughout the ecosystem.
At press time, Marinade Finance boasted the highest staking platform on Solana with $103 million in whole worth locked (TVL), per DeFiLlama. Lido Finance ranked second with round half of Marinade’s TVL.
If the proposal is authorised and a 1% market share is achieved, the P2P staff might generate 10,191 SOL, or $200,000, at present costs in annual incoming, in line with Mediakov.
Alternatively, Mediakov proposed shutting down Lido on Solana by February 2024. This feature would contain phasing out Lido’s Solana help over 5 months and $20,000 month-to-month to cowl upkeep prices.
Voting on the proposal is slated to start in 4 weeks, and the proposal is open for dialogue on Lido’s discussion board.
P2P assumed administration of Lido on Solana in March 2022 following an settlement with Refrain One. Afterward, the challenge’s SOL TVL grew by 330% and achieved important market share progress.
Nevertheless, P2P suffered practically $500,000 in losses as a consequence of declining SOL costs and FTX’s crash in November 2022.
Regardless, Mediakov and P2P opined that liquid staking service might play a pivotal function in DeFi’s success on Solana.
“We’re at a vital juncture the place the selections we make immediately will form the way forward for Lido on Solana. We’re optimistic about what we will obtain collectively and look ahead to your constructive suggestions.”
Yuri Mediakov, senior product supervisor at Lido Finance
