{"id":239642,"date":"2021-05-01T00:10:44","date_gmt":"2021-04-30T21:10:44","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/staking-giant-lido-looks-to-bring-services-to-solana\/"},"modified":"2021-05-01T00:10:44","modified_gmt":"2021-04-30T21:10:44","slug":"staking-giant-lido-looks-to-bring-services-to-solana","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/staking-giant-lido-looks-to-bring-services-to-solana\/","title":{"rendered":"# Staking giant Lido looks to bring services to Solana"},"content":{"rendered":"

“# Staking giant Lido looks to bring services to Solana <\/strong>”
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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.\u00a0<\/p>\n

In a proposal<\/a> today on Lido\u2019s governance forums, crypto infrastructure provider Chorus One laid out a plan to build \u201ca liquid staking token (for now: stSOL) that will accrue staking rewards and represent staking positions with Lido validators on Solana,\u201d similar to Lido\u2019s current interest-accruing stETH token. <\/p>\n

Development funding to bring Lido\u2019s services to an additional chain would come from the Lido Ecosystem Grants Organization, a program Lido\u2019s governance kicked off<\/a> in March. Chorus One\u2019s 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. <\/p>\n

The milestones for Chorus One\u2019s vesting unlocks are notably ambitious, including a 1 year cliff to \u201ccapture 2.5% of the staked SOL supply,\u201d as well as 1,000,000 tokens scheduled to begin a one year vesting schedule \u201cwhen Lido for Solana manages to capture 25% of the staked SOL supply.\u201d The proposal notes that Chorus One is currently the largest SOL staker with $600 million in tokens. <\/p>\n

A representative for Lido told Cointelegraph that an expansion could be a boon for the protocol\u2019s income.<\/p>\n

\u201cFor the Lido DAO, an expansion to liquid staking on Solana could bring with it a similar protocol fee set-up as we\u2019re currently seeing with stETH\/liquid staking on Ethereum, whereby a 10% fee on staking rewards is collected and split between node operators and the Lido DAO treasury (e.g. to grow an insurance fund),\u201d they said. <\/p>\n

They also noted that the door remains open to expanding to other Proof of Stake chains.<\/p>\n

\u201cLido has a very simple mission – keep Ethereum staking simple, secure and decentralised – and we will look to extend this to other networks where possible,\u201d they said. <\/p>\n

Per Lido\u2019s website, the services currently accounts for 256,964 ETH staked (worth over $700 billion) across nearly 5000 addresses earning 7.1% APY, and is the third-largest staking pool currently live<\/a> per Nansen. While estimates vary, once ETH 2.0 launches, the APY rewards are expected to increase significantly. <\/p>\n

Lido\u2019s $LDO token has been on a tear as of late, rising 54% on a 24 hour basis to $2.9 and 216% on the week \u2014 a run possibly fueled by another governance proposal<\/a> that would diversify a portion of the treasury to a group of notable venture capital funds, including Delphi Digital, Digital Currency Group, Three Arrows Capital, and Alameda Research. <\/p>\n