Staking giant Lido looks to bring services to Solana

Staking giant Lido looks to bring services to Solana


One of the largest ETH 2.0 and Terra staking services is now looking to expand to other proof-of-stake chains, starting with upstart layer 1 Solana. 

In a proposal today on Lido’s governance forums, crypto infrastructure provider Chorus One laid out a plan to build “a liquid staking token (for now: stSOL) that will accrue staking rewards and represent staking positions with Lido validators on Solana,” similar to Lido’s current interest-accruing stETH token.

Development funding to bring Lido’s services to an additional chain would come from the Lido Ecosystem Grants Organization, a program Lido’s governance kicked off in March. Chorus One’s requested a compensation package including 2,000,000 vested LDO tokens and a revenue-sharing model that would entitle Chorus One to 20% of the revenue from protocol fees that would go to the Lido treasury.

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The milestones for Chorus One’s vesting unlocks are notably ambitious, including a 1 year cliff to “capture 2.5% of the staked SOL supply,” as well as 1,000,000

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