At the heart of a recent development in the cryptocurrency world is a funding demand made by the P2P team, who have their eyes set on a $1.5 million investment from the well-known staking provider, Lido DAO. The P2P team members see this substantial backing as pivotal to extending Lido’s staking service on the rising star of the blockchain universe, the Solana (SOL) network.
It’s clear – the team’s ambitions are no small feat. They outlined an annual requirement of $800,000 to cover development costs, and a not insignificant $600,000 per year for promotional activities. The grand total? A cool $1.5 million needed to maintain momentum over the next year.
Access to funds is like lifeblood to any operation and P2P team’s is no exception. If their financial request is not met, the team cautioned that a ‘sunset process’ for Lido on Solana will have to be initiated sooner rather than later. This gradual closure could begin as early as September 10th, with a halt on accepting new staking deposits and eventually culminating in a full suspension of front-end support by February of the next year.
Looking at the bright side of things, the team showed great optimism in their proposal, acknowledging Solana’s ‘remarkable promise in scalability, speed, and innovation’. It is indeed clear that they are firmly behind the scalability and promise of Solana’s ecosystem, seeing in it a ‘pivotal role’ for Lido’s growth.
What’s more, if their financial requests were to be met, they also foresee making strides in their own operations. The funding would not just ensure their survival but open doors for innovation, expansion, and greater contributions to both the Lido DAO and the wider Solana ecosystem.
To add to their credibility, the P2P team is no stranger to Lido’s services on the Solana network having been in charge of managing it. Under their management, Lido’s service on Solana has witnessed significant growth. They perform the role of a validator on the Solana network and are credited with the development of infrastructure that several Solana-based projects utilise.
In a world where financial backing often determines the survival and success of projects, this tug-of-war between the P2P team’s ambitious development goals for the Solana network and the potential initiation of a ‘sunset process’ puts a spotlight on the core issue of funding in the crypto universe.
Source: Cryptonews
