Back in 2022, Lido Finance, a decentralized finance (DeFi) protocol providing staking services, announced support for Solana. Since then, the DeFi platform has provided an avenue for Solana users to stake their SOL and receive a liquid staking token while doing so.
The platform has run into a problem that could lead to the end of its support for the Solana blockchain. However, the Lido team is already looking to mitigate this by bringing a proposal for additional funds to the Lido DAO.
Team Wants $1.5 Million To Support Lido On Solana
In a new funding proposal presented to the Lido DAO on Monday, the Lido on Solana P2P team is appealing for more funds from the DAO to enable them to continue their development efforts. The proposal highlights a previous $700,000 investment in the project, but it seems that funding has already run out. So the team is looking for $1.5 million in funding to keep the project going for the next 12 months.
The breakdown for how the $1.5 million, if approved, is spread across things like development costs, marketing, and customer support. All of these are expected to run over a one-year period as the P2P team works toward trying to make Lido a DeFi powerhouse when it comes to Solana staking.
According to the team, they are looking at cornering 1% of the Solana staking market share in the next 12 months. Also included in the proposal is the intention to create new features and implement a more consistent marketing strategy. Then topped up with a “dependable customer support service.”
“We believe in the future success of the Solana DeFi market and anticipate that LS protocols will play a significant role in driving this growth,” the proposal reads.
SOL price trailing $20 | Source: SOLUSD on Tradingview.com
Sunsetting The Project If Funding Is Unavailable
On the flip side of this, if the team is
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