Lido wants to bring his stakeout services to Solana

One of the largest deployment services from ETH 2.0 and Terra would now like to be expanded to other proof-of-stake chains, starting with the current Star Solana.

In one suggestion Featured on the governance forums of today Lido, the cryptocurrency infrastructure provider Choir one put out a plan to create “A liquid staking marker (initially: stSOL) that collects staking rewards and shows staking positions with Lido validators in Solana”, similar to the current STETH token this is one of Lido’s interests.

Development funding to bring Lido services into an additional chain would be provided by the Lido Ecosystem Grants Organization, A program that the Lido government started in March. Chorus One has requested a compensation package that includes 2,000,000 LDO tokens purchased and a revenue sharing model that aims to provide Chorus One with 20% of revenue from protocol fees for the Lido Treasury.

Lido wants to bring his stakeout services to Solana
Lido wants to bring his stakeout services to Solana

The milestones for obtaining rights to Chorus One are remarkably ambitious, including a one-year term to “capture 2.5% of the SOL offer at stake” and 1,000,000 tokens that are earmarked for the start of a one-year schedule for the acquisition of rights, “if Lido for Solana succeeds, 25% of the SOL offer at stake “. The proposal notes that Chorus One is SOL’s biggest staker right now USD 600 million tokens.

A Lido representative told Cointelegraph that an expansion could be a boon to the protocol’s revenue.

“For the Lido DAO, an expansion of the liquid dispensing at Solana could include a protocol fee that is similar to the current stETH liquid dispensing on Ethereum, whereby a commission of 10% is levied for the staking premiums and the distribution between the node operators and the treasury of Lido DAO (for example, to set up an insurance fund) “, said the spokesman.

They also noted the door remains open for expansion to other proof-of-stake chains.

“Lido has a very simple mission: to use Ethereum simply, securely and decentrally, and we will try to transfer this to other networks if possible.” They said.

According to the Lido website, the services currently have 256,964 ETH shares (worth more than 700 billion US dollars) in almost 5,000 addresses with an APY of 7.1%, and it is the third largest staking pool, according to Nansen. Although estimates vary, APY rewards are expected to increase significantly after the full release of ETH 2.0.

The LDO token de Lido recently put in a great performance, Increase from 54% in 24 hours to USD 2.9 and 216% in the week, A race that may be fueled by another governance proposal that would diversify part of the Treasury into a group of well-known venture capital funds, including Delphi Digital, Digital Currency Group, Three Arrows Capital, Y. Alameda Research.

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