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Phased Shutdown: Lido's Strategic Move
Lido, a prominent multi-platform staking solution, has recently announced the gradual discontinuation of its operations on the Solana protocol. In an official blog post on October 16, the team disclosed the comprehensive plan that would ultimately result in the termination of Lido's presence on Solana.
The decision to wind down Lido on Solana was proposed by Yuri Mediakov and the Peer-to-peer (P2P) team in a detailed proposition on Sept. 4. This plan involved a carefully orchestrated phase-out process over several months, accompanied by a dedicated monthly allocation of $20,000 to manage maintenance costs.
The proposal was put up for community discussion, leading to a resounding majority in favor of the phased shutdown strategy.
Despite investing approximately $700,000 and generating $220,000 in revenue, Lido's Solana operations have reportedly incurred a net loss of $484,000.
Timeline and Transition Details
Commencing from November 17, the voluntary process of node operator off-boarding is set to initiate, marking the beginning of the end for Lido on Solana. By February 4, 2024, the Solana Frontend support will cease to function, allowing unstaking solely through the Command Line Interface (CLI). As of October 16, Lido is no longer accepting new stake requests, so existing users are encouraged to act quickly to avoid any inconveniences.
Lido's journey with Solana has come to an end, but the platform remains firmly committed to Ethereum and Polygon. Notably, Lido's staking services continue to thrive on these networks, boasting staked amounts of $14 billion and $80 million, respectively, as reported on Lido's official website.
