The multi-platform staking solution revealed its decision to phase out Lido on Solana protocol over the coming months.
The Peer-to-Peer (P2P) team, well-known for its contributions to the Lido Decentralized Autonomous Organization (DAO) and the development of Lido on Solana since March 2022, recently presented the Lido DAO with two options, one for continuing the development and the other for ceasing Lido on Solana.
Following debate and a vote, it was decided to gradually follow the latter course and close down Lido on Solana. As part of the news, Lido also notes that Lido on Solana Frontend support will end on February 4, 2024, and that the voluntary process of node operator off-boarding is slated to begin on November 17.
Unstaking will only be possible via the Command Line Interface (CLI) after this date. Yuri Mediakov and the P2P team proposed to end Lido on Solana operations by February 2024 in a post from September 5.
It called for a five-month phase-out of Lido’s Solana support and a monthly budget of $20,000 to cover maintenance costs. This date was set aside for community members to discuss the proposal on Lido’s forum before the voting procedure for the plan started four weeks from that time. By using its governance-driven voting power, the Lido DAO now controls key aspects of liquid staking protocols.
