P2P requests $1.5m funding to sustain Lido on Solana
The P2P team managing Lido Finance’s operations on Solana submitted a funding proposal to sustain Lido’s liquid staking service on the layer-1 decentralized network. A proposal submitted by Yuri Mediakov and the P2P team suggests two options: the Lido DAO approves $1.5 million in funding to support growth, or the protocol winds down staking support for Solana (SOL) users by Q1 2024. According to Yuri Mediakov’s proposal, the P2P team requires a $1.5 million cash infusion over the next 12 months to bootstrap growth and keep the ‘Lido on Solana’ project alive. The proposal budgeted $600,000 annually for marketing, $200,000 per quarter for development costs, and $100,000 for customer support. The P2P team expects to command 1% of Solana’s staking market with funding from Lido DAO and compete with other providers within the ecosystem. At press time, Marinade Finance boasted the top staking platform on Solana with $103 million in total value locked (TVL), per DeFiLlama. Lido Fin...