HomeNewsSolana's Shakeup: Lido's Decision to Phase Out Sparks Industry Chatter

Solana’s Shakeup: Lido’s Decision to Phase Out Sparks Industry Chatter

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  • Lido to discontinue its staking solution on Solana, with node operator off-boarding starting on Nov. 17.
  • Lido’s Solana Frontend support to end by Feb. 4, 2024, shifting unstaking operations to Command Line Interface (CLI).

Lido DAO’s Strategic Pivot from Solana

The world of blockchain is always evolving, and the decision-makers behind Lido, a multi-platform staking solution, are no strangers to adapting to changing landscapes. In a recent revelation, Lido unveiled its plan to discontinue its operations on the Solana protocol in a phased manner.

Deciphering the Decision

The Peer-to-peer (P2P) team, renowned for their pivotal role in Lido’s Decentralized Autonomous Organization (DAO) and the nurturing of Lido on Solana since March 2022, proposed two potential paths: the continuation or discontinuation of Lido on Solana. After thoughtful deliberations and leveraging its governance-driven voting power, the Lido DAO community arrived at the latter, sealing the fate of Lido’s operations on Solana.

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What factors drove this decision?

Yuri Mediakov, along with the P2P team, had earlier floated a proposal on Sept. 5, suggesting a progressive phase-out of Lido’s Solana support by February 2024. This proposal outlined a five-month transition period, setting aside a monthly $20,000 allocation for maintenance expenditures. Such a strategic withdrawal would enable smooth transitions for stakeholders and minimize any potential shocks to the system.

Before the final decision, the Lido community had a generous window for debate and discourse on Lido’s forum, ensuring a transparent decision-making process. As blockchain enthusiasts might attest, collaborative and informed decisions often lead to more sustainable outcomes.

What’s on the Horizon?

For those involved with Lido’s operations on Solana, key dates to mark are:

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  1. November 17: Initiation of the voluntary node operator off-boarding process.
  2. February 4, 2024: Termination of Lido on Solana Frontend support, channeling unstaking activities exclusively through the Command Line Interface (CLI).

It’s essential to understand that the world of blockchain is as much about technological excellence as it is about adaptability. Lido’s decision is a testament to its commitment to evolving in synchrony with the industry’s pulse and the preferences of its vast community.

While it’s a significant pivot, Lido’s broader mission remains steadfast: optimizing the staking landscape and fortifying its position in the ever-evolving blockchain ecosystem.

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