{"id":555899,"date":"2023-10-18T13:00:30","date_gmt":"2023-10-18T13:00:30","guid":{"rendered":"https:\/\/uniquehot.com\/?p=555899"},"modified":"2023-10-19T09:43:27","modified_gmt":"2023-10-19T09:43:27","slug":"lidodao-92-votes-exit-solana","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/solana\/lidodao-92-votes-exit-solana\/","title":{"rendered":"LidoDAO Records Overwhelming 92% Votes To Exit The Solana Network"},"content":{"rendered":"

In a recently concluded <\/span>voting program<\/span><\/a>, it was revealed that over 92% of LidoDAO members (Lido token holders) of the decentralized liquid staking protocol <\/span>Lido Finance<\/span><\/a>, voted in favor of Lido ceasing its operations on the Solana Network.<\/span><\/p>\n

LidoDAO Cut Ties With The Solana Network Following Community Vote<\/span><\/h2>\n

The proposal was first introduced by Lido on Solana’s peer-to-peer (P2P) team on September 5, due to financial limitations. Following the introduction, the voting program began on September 29, 2023, and was concluded a week later on October 6.\u00a0<\/span><\/p>\n

Related Reading: Real Reason Behind Ethereum Founder\u2019s Massive ETH \u2018Sales\u2019 Exposed<\/a><\/div>\n

The P2P team in charge of the development of Lido on the <\/span>Solana Network<\/span><\/a> offered the community members two options in the voting program. These included the organization leaving the Solana Network, or providing funds to the organization to sustain its operations on the Solana Network.<\/span><\/p>\n

In the <\/span>proposal<\/span><\/a> by the P2P team, Lido requested that <\/span>LidoDAO<\/span><\/a> provide $20,000 per month to fund technical maintenance activities related to sunsetting operations on Solana over the following five months. The proposal also expressed worries about not being able to meet goals in the next year due to the challenging market conditions.<\/span><\/p>\n

\u201cAchieving even 2% of the market share in 2023-2024 seems improbable, particularly in the current Solana market, without any marketing assistance and given Lido DAO\u2019s committee resolution 22 to discontinue all incentives in Solana,\u201d the team\u2019s proposal stated.<\/span><\/p>\n

According to Yuri Mediakov, the P2P team invested a total of $700,000 in Lido on the Solana project to build and support the product in the past year but ended up making $220,000 in revenue, resulting in a net loss of $484,000. Therefore, in order to support the project for the next 12 months, the team would need around $1.5 million.<\/span><\/p>\n

However, at the end of the vote, over 65 million (92.7%) of LDO tokens (voted by token holders) were in favor of sunsetting operations on Solana Network. Meanwhile, 5.1 million (7.2%) of LDO tokens voted in favor of providing funds to the organization to continue its operation on the Solana Network. The total number of <\/span>Lido (LDO)<\/span><\/a> tokens concluded in the vote was 70.1 million LDO tokens.<\/span><\/p>\n

The organization highlighted in an <\/span>excerpt<\/span><\/a> that the decision was a necessary one to make despite how difficult it was:<\/span><\/p>\n

Whilst this decision was difficult in the face of numerous strong relationships across the Solana ecosystem, it was deemed a necessity for the continued success of the broader Lido protocol ecosystem.<\/span><\/p><\/blockquote>\n

Related Reading: Shiba Inu Whale Moves $32.4 Million In SHIB, Large Sell Incoming?<\/a><\/div>\n

According to LidoDAO, the organization will cease accepting <\/span>staking<\/span><\/a> requests as of October 16, while users will have to unstake on Solana’s frontend by February 4, 2024. Failure to unstake before the deadline will result in unstaking through the Command Line Interface (CLI). In addition, Voluntary node operator off-boarding will commence on November 17, 2023.<\/span><\/p>\n

Nonetheless, staked Solana (stSOL) token holders are still expected to receive rewards during the sunsetting process. However, Lido\u2019s staking services are now solely supported on Ethereum and Polygon.<\/span><\/p>\n

The P2P team has been working on Lido\u2019s Solana project since acquiring it from Chorus One in March last year.<\/span><\/p>\n

\"LidoDAO<\/p>\n

LDO falls to $1.5 | Source: LDOUSDT on Tradingview.com<\/a><\/pre>\n
Featured image from Exodus Wallet, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
In a recently concluded voting program, it was revealed that over 92% of LidoDAO members (Lido token holders) of the decentralized liquid staking protocol Lido Finance, voted in favor of Lido ceasing its operations on the Solana Network. LidoDAO Cut Ties With The Solana Network Following Community Vote The proposal was first introduced by Lido on Solana’s peer-to-peer (P2P) team on September 5, due to financial limitations. Following the introduction, the voting program began on September 29, 2023, and was concluded a week later on October 6.\u00a0 Related Reading: Real Reason Behind Ethereum Founder\u2019s Massive ETH \u2018Sales\u2019 Exposed The P2P team in charge of the development of Lido on the Solana Network offered the community members two options in the voting program. These included the organization leaving the Solana Network, or providing funds to the organization to sustain its operations on the Solana Network. In the proposal by the P2P team, Lido requested that LidoDAO provide $20,000 per month to fund technical maintenance activities related to sunsetting operations on Solana over the following five months. The proposal also expressed worries about not being able to meet goals in the next year due to the challenging market conditions. \u201cAchieving even 2% of the market share in 2023-2024 seems improbable, particularly in the current Solana market, without any marketing assistance and given Lido DAO\u2019s committee resolution 22 to discontinue all incentives in Solana,\u201d the team\u2019s proposal stated. According to Yuri Mediakov, the P2P team invested a total of $700,000 in Lido on the Solana project to build and support the product in the past year but ended up making $220,000 in revenue, resulting in a net loss of $484,000. Therefore, in order to support the project for the next 12 months, the team would need around $1.5 million. However, at the end of the vote, over 65 million (92.7%) of LDO tokens (voted by token holders) were in favor of sunsetting operations on Solana Network. Meanwhile, 5.1 million (7.2%) of LDO tokens voted in favor of providing funds to the organization to continue its operation on the Solana Network. The total number of Lido (LDO) tokens concluded in the vote was 70.1 million LDO tokens. The organization highlighted in an excerpt that the decision was a necessary one to make despite how difficult it was: Whilst this decision was difficult in the face of numerous strong relationships across the Solana ecosystem, it was deemed a necessity for the continued success of the broader Lido protocol ecosystem. Related Reading: Shiba Inu Whale Moves $32.4 Million In SHIB, Large Sell Incoming? According to LidoDAO, the organization will cease accepting staking requests as of October 16, while users will have to unstake on Solana’s frontend by February 4, 2024. Failure to unstake before the deadline will result in unstaking through the Command Line Interface (CLI). In addition, Voluntary node operator off-boarding will commence on November 17, 2023. Nonetheless, staked Solana (stSOL) token holders are still expected to receive rewards during the sunsetting process. However, Lido\u2019s staking services are now solely supported on Ethereum and Polygon. The P2P team has been working on Lido\u2019s Solana project since acquiring it from Chorus One in March last year. LDO falls to $1.5 | Source: LDOUSDT on Tradingview.com Featured image from Exodus Wallet, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":556059,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[84543],"tags":[86030,87918,86387,86029,88366,89679,12837,83626,86410,83627],"class_list":["post-555899","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-solana","tag-ldo","tag-ldousd","tag-ldousdt","tag-lido","tag-lido-staking","tag-lidodao","tag-sol","tag-solana","tag-solusd","tag-solusdt"],"acf":[],"yoast_head":"\nLidoDAO Records Overwhelming 92% Votes To Exit The Solana Network<\/title>\n<meta name=\"description\" content=\"In a recently concluded voting program, it was revealed that over 92% of LidoDAO members voted in favor of ceasing its operations on 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/uniquehot.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"LidoDAO Records Overwhelming 92% Votes To Exit The Solana Network","url":"http:\/\/uniquehot.com\/news\/solana\/lidodao-92-votes-exit-solana\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/solana\/lidodao-92-votes-exit-solana\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/10\/Solana-LidoDAO.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/10\/Solana-LidoDAO.jpeg?fit=1200%2C675"},"articleSection":"Solana","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["ldo","ldousd","ldousdt","lido","lido staking","lidodao","sol","solana","solusd","solusdt"],"dateCreated":"2023-10-18T13:00:30Z","datePublished":"2023-10-18T13:00:30Z","dateModified":"2023-10-19T09:43:27Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"LidoDAO Records Overwhelming 92% Votes To Exit The Solana Network\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/solana\\\/lidodao-92-votes-exit-solana\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/solana\\\/lidodao-92-votes-exit-solana\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/Solana-LidoDAO.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/Solana-LidoDAO.jpeg?fit=1200%2C675\"},\"articleSection\":\"Solana\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"ldo\",\"ldousd\",\"ldousdt\",\"lido\",\"lido staking\",\"lidodao\",\"sol\",\"solana\",\"solusd\",\"solusdt\"],\"dateCreated\":\"2023-10-18T13:00:30Z\",\"datePublished\":\"2023-10-18T13:00:30Z\",\"dateModified\":\"2023-10-19T09:43:27Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/10\/Solana-LidoDAO.jpeg?fit=1200%2C675","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/555899"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=555899"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/555899\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/556059"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=555899"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=555899"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=555899"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}