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SOL
Community voting strongly favored the phased shutdown option, and Lido's staking services will now focus solely on Ethereum and Polygon networks.
Phased Shutdown: Lido's Strategic Move
Lido, a prominent multi-platform staking solution, has recently announced the gradual discontinuation of its operations on the Solana protocol. In an official blog post on October 16, the team disclosed the comprehensive plan that would ultimately result in the termination of Lido's presence on Solana.
The decision to wind down Lido on Solana was proposed by Yuri Mediakov and the Peer-to-peer (P2P) team in a detailed proposition on Sept. 4. This plan involved a carefully orchestrated phase-out process over several months, accompanied by a dedicated monthly allocation of $20,000 to manage maintenance costs.
The proposal was put up for community discussion, leading to a resounding majority in favor of the phased shutdown strategy.
Despite investing approximately $700,000 and generating $220,000 in revenue, Lido's Solana operations have reportedly incurred a net loss of $484,000.
Timeline and Transition Details
Commencing from November 17, the voluntary process of node operator off-boarding is set to initiate, marking the beginning of the end for Lido on Solana. By February 4, 2024, the Solana Frontend support will cease to function, allowing unstaking solely through the Command Line Interface (CLI). As of October 16, Lido is no longer accepting new stake requests, so existing users are encouraged to act quickly to avoid any inconveniences.
Lido's journey with Solana has come to an end, but the platform remains firmly committed to Ethereum and Polygon. Notably, Lido's staking services continue to thrive on these networks, boasting staked amounts of $14 billion and $80 million, respectively.
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Related News
FTM
Fantom Foundation Launches Testnet Environment for Fantom Sonic
October 24, 2023
A recent update, from the team behind the Fantom blockchain, promises to turbo-charge the performance of its network, allowing it to compete with traditional institutions.
The Fantom Foundation, the team supporting the development of the Fantom blockchain, today announced the launch of the testnet environment for Fantom Sonic (“Sonic”). Designed for speed, scale, and cost-efficiency, Fantom Sonic provides increased benefits to the network including:
- Transaction capability increases by over 65x to be able to achieve an anticipated 2,000 transactions per second
- Time-to-finality execution in less than one second (~0.98s)
- Reduction in storage size for all node types from approximately 11 TB to under 1 TB
- Decrease node deployment time from multiple weeks to roughly two days
- Live-pruning for validators which reduces storage by approximately 86%
Sonic puts Fantom’s transactional capabilities on par with the heavy throughput of institutional players like major credit card companies, international banks, and enterprise institutions. The reduction in operational costs, and decrease of staking requirements to 50,000 FTM, decreases the barrier to entry to operate a cost-effective validator and makes it more accessible to participate in securing the network.
The testnet environment runs until the Sonic mainnet is anticipated to deploy in the spring of 2024. Developers can bring their projects to the testnet to experience the virtual machine updates and enhanced capabilities Sonic brings to the Fantom ecosystem. Additional updates are expected to come to the testnet environment in December 2023.
Developers and users alike can check out the Sonic showcase environment at sonic.fantom.network and interact with the public testnet environment at public-sonic.fantom.network
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