Renowned staking solution Lido Finance has announced its decision to discontinue operations on the Solana blockchain. The move comes after a thorough discussion and voting process within the Decentralized Autonomous Organization (DAO) community. Lido’s P2P team presented a proposal outlining the achievements, challenges, and future prospects of Lido on Solana, offering two possible solutions. Ultimately, the DAO members voted to phase out the protocol over a five-month period, with a monthly allocation of $20,000 for maintenance expenses. This decision was made in the best interest of Lido’s broader ecosystem, despite its previous relationship with Solana. As a result, no new staking of Lido on Solana is currently allowed. The voluntary process of node operator off-boarding is set to begin on November 17th, and Lido on Solana Frontend support will end on February 4th, 2024. The impact of Lido’s sunsetting on Solana’s token price and ecosystem remains uncertain. However, at the time of writing, SOL has experienced a 4.22% price surge, trading at $24.11.

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Information	Details
Geography	Global
Countries
Sentiment	neutral
Relevance Score	1
People	Yuri Mediakov
Companies	Solana, FTX, MakerDAO, Peer-to-peer (P2P) team, Lido Finance, Lido DAO
Currencies	Solana
Securities	None