Home Crypto News Chorus One Proposes Bringing Lido Staking Services on Solana

Chorus One Proposes Bringing Lido Staking Services on Solana

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Lido, one of many largest staking companies on each the Ethereum 2.0 and Terra blockchains, is in search of to increase its staking operations by integrating with extra Layer-1 blockchains. Its subsequent goal? Solana.

Indeed, CoinTelegraph reported on Friday {that a} proposal on Lido’s governance discussion board by crypto infrastructure supplier, Chorus One contained a plan for a ‘liquid staking token’. This token, quickly named stSOL, would theoretically “accrue staking rewards and represent staking positions with Lido validators on Solana.” As such, the token would function very equally to Lido’s stETH token, which works with Ethereum 2.0.

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“For the Lido DAO, an expansion to liquid staking on Solana could bring with it a similar protocol fee set-up as we’re 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),” a Lido consultant advised CoinTelegraph.

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Chorus One Has Proposed “Ambitious” Lido Vesting Unlocks

The improvement funding that may convey Lido’s staking companies to Solana could be sourced from the Lido Ecosystem Grants Organization, which was based in March. If the proposal is handed, Chorus One would cost a charge of 2 million LDO tokens, in addition to 20% of the protocol charge revenues that may be directed to the Lido treasury.

CoinTelegraph famous that the milestones for Chorus One’s vesting unlocks are “ambitious.” According to the proposal, Chorus one is asking “Lido’s 1,000,000 LDO tokens issued with vesting a 1-year cliff and 1-year vesting when Lido for Solana manages to capture 2.5% of the staked SOL supply,” and “1,000,000 in additional LDO tokens vesting over a year when Lido for Solana manages to capture 25% of the staked SOL supply.”

Whether or not this specific proposal goes by way of, Lido continues to be eager about increasing to extra layer-1 chains. Further, the consultant advised CoinTelegraph that “Lido has a very simple mission – keep Ethereum staking simple, secure and decentralised – and we will look to extend this to other networks where possible.”

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