Reasons for the Request
Yuri Mediakov, the senior product manager at P2P, emphasized the need for financial assistance from the Lido DAO, stating, “We have made significant strides in both product and business development. However, to continue our efforts and take Lido on Solana to the next level, we seek financial support from the Lido DAO.”
Funding Breakdown
The P2P team’s funding request for the next 12 months is as follows:
- A development retainer of $200,000 per quarter
- An annual marketing budget of $600,000
- $100,000 annually for customer support
In return for this financial support, P2P aims to capture more than 1% of Solana’s staking market share and further enhance the product.
Sunset Plan
If the Lido DAO cannot provide the requested financial support, the proposal suggests initiating a sunsetting process, similar to what happened with Lido on Polkadot and Kusama. This plan involves gradually discontinuing support for Lido on Solana by February 2024. Yuri Mediakov explained, “We propose starting a sunset process if financial support from Lido DAO is unavailable, similar to Lido on Polkadot and Kusama.”
P2P’s Active Participation
P2P is actively engaged in the Solana ecosystem, operating a validator on the network and providing infrastructure support for Solana-based projects. Since taking over Lido on Solana from Chorus One in March 2022, the team has released an updated version of the smart contract and improved the frontend user experience.
The Vision for Lido on Solana
The P2P team believes that continuing Lido operations on Solana will be beneficial as Solana’s DeFi ecosystem grows. However, they acknowledge that with a 1% market share, Lido on Solana would generate an annual income of 10,191 SOL ($200,000) at current prices.
About Lido Finance
Lido Finance is a liquid staking solution that allows users to earn staking rewards on an underlying asset while unlocking its utility and liquidity across various DeFi applications through a liquid staking derivative token.
Market Presence
Lido currently dominates the liquid staking market on Ethereum with $14 billion in total value locked, according to DeFiLlama. However, its presence on Solana is smaller, with about $50 million in locked value. It also faces stiff competition from players like Marinade Finance and Jito within Solana’s liquid staking niche.
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