Lido DAO’s Strategic Pivot: Navigating Solana’s Departure

Estimated read time 2 min read
  • Lido DAO announces its phased discontinuation of operations on the Solana protocol.
  • The decision is the result of extensive community discourse and aligns with Lido’s mission to adapt to the ever-evolving blockchain landscape.

In the dynamic world of blockchain, adaptability is the name of the game, and Lido DAO, a multi-platform staking solution, is making a strategic pivot. In a recent announcement, Lido revealed its plan to phase out its operations on the Solana protocol.

Lido’s Decentralized Autonomous Organization (DAO) community, including the influential Peer-to-peer (P2P) team, has played a pivotal role in nurturing Lido on Solana since March 2022. They presented two options: either continue or discontinue Lido on Solana. After extensive deliberations and leveraging their governance-driven voting power, the Lido DAO community arrived at the latter option, charting the course for Lido’s departure from Solana.

Yuri Mediakov, in collaboration with the P2P team, proposed a phased exit strategy for Lido’s Solana support back on September 5. This strategy envisioned a progressive phase-out by February 2024, with a five-month transition period and a $20,000 monthly allocation for maintenance. This approach aims to ensure a smooth transition for stakeholders and minimize disruptions to the system.

The decision-making process was anything but rushed. Lido’s community had ample time for open debate and discourse on the platform’s forum, emphasizing the importance of transparent, community-driven decisions in the blockchain space.

What Lies Ahead: Key Dates to Remember

For those involved with Lido’s operations on Solana, it’s crucial to mark key dates on the calendar:

  1. November 17: The voluntary node operator off-boarding process initiates.
  2. February 4, 2024: Lido on Solana Frontend support terminates, with unstaking activities redirected exclusively through the Command Line Interface (CLI).

It’s important to recognize that blockchain is about both technological excellence and adaptability. Lido’s strategic pivot reflects its commitment to evolving alongside the blockchain industry’s ever-changing landscape and the preferences of its vast community.

While the departure from Solana is a significant move, Lido’s overarching mission remains unwavering: to optimize the staking landscape and solidify its position in the ever-evolving blockchain ecosystem.

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