Lido DAO receives funding request of $1.5 million to expand Solana liquid staking

The P2P team, a prominent player in the cryptocurrency space, has submitted a funding request of $1.5 million to Lido DAO, a well-known staking provider. The purpose behind this substantial financial request is to enhance Lido’s staking service on the Solana (SOL) network, reflecting the team’s commitment to advancing blockchain technology.

This funding request, made by the P2P team, has been publicly disclosed as a proposal on Lido DAO’s governance forum. The team outlined their financial requirements, with an annual allocation of $800,000 earmarked for development expenses and an additional $600,000 annually designated for marketing efforts. In total, they seek $1.5 million over the next 12 months to drive their ambitious plans forward.

However, the team expressed a clear ultimatum: if their request for funding is not approved, they propose initiating a “sunset process” for Lido’s presence on the Solana network. According to their proposed timeline, this process could commence as early as September 10, with the cessation of new staking deposits through Lido on Solana. Subsequently, on October 10, voluntary node operators could be phased out of the liquidity pool, culminating in the complete cessation of frontend support on February 2 of the following year.

Despite the weight of this ultimatum, the P2P team voiced their unwavering faith in the potential of the Solana ecosystem and their conviction that Lido on Solana can play a pivotal role in its growth. In their proposal, they lauded Solana for its “remarkable promise in scalability, speed, and innovation,” highlighting the ecosystem’s potential.

The team believes that with the proposed financial backing, they can not only sustain their ongoing operations but also embark on a journey of innovation, growth, and greater contributions to the Lido DAO and the broader Solana ecosystem. Their vision encompasses a holistic approach to supporting Solana’s expansion and fostering a thriving blockchain community.

Notably, the P2P team is the entity responsible for managing Lido’s services on Solana, an area that has experienced robust growth in recent months. They actively operate a validator node on the Solana network and have developed critical infrastructure utilized by several Solana-based projects. Their commitment to the Solana ecosystem is evident, and they are poised to make a substantial impact with the proposed funding to bolster their efforts.