Solana Liquid Staking Seeks 1.5 Million Dollars Funding Requested by Lido Contributor for Expansion

Crypto News– The P2P team, responsible for overseeing Lido Finance’s operations on the Solana network, has submitted a funding proposal to the Lido DAO community. Their request entails securing $1.5 million in funding, crucial for the sustained growth and continued operations of the project within the Solana ecosystem.

Solana Liquid Staking Seeks 1.5 Million Dollars Funding Requested by Lido Contributor for Expansion

Yuri Mediakov, the senior product manager at P2P, emphasized the substantial progress made in both product development and business expansion. Nonetheless, the team is seeking financial support from the Lido DAO to advance Lido’s presence on Solana further.

In detail, the P2P team’s funding request spans a 12-month period, encompassing a quarterly development retainer of $200,000, an annual marketing budget of $600,000, and an annual allocation of $100,000 for customer support. In return for this investment, P2P aims to secure more than 1% of Solana’s staking market share and to continue enhancing the project. In the event that the Lido DAO is unable to provide the requested financial support, the proposal also outlines a sunset plan, mirroring the previous approach with Lido on Polkadot and Kusama. This plan would involve a gradual cessation of support for Lido on Solana, with the timeline set to conclude by February 2024.

Requesting financial support from Lido DAO

P2P is an active participant in the Solana ecosystem, operating a validator on the network and supporting infrastructure for Solana-based projects.

After taking ownership of Lido on Solana from Chorus One in March 2022, the team released an updated version of the smart contract and reworked the frontend user experience.

The P2P team said it believed that continuing Lido operations on the Solana would be beneficial to the project as the Solana’s DeFi ecosystem grows. However, it highlighted that with a 1% market share, Lido on Solana would only generate an annual income of 10,191 SOL ($200,000) at current prices.

Lido Finance is a liquid staking solution that enables users to earn staking rewards on an underlying asset while unlocking its utility and liquidity across various DeFi applications in the form of a liquid staking derivative token.