One of the biggest Staking ETH 2.0 services, Terra now wants to expand on other Stake Proof chains, starting with Solana’s startup team.
In today’s proposal on the Lido Governance Forums, cryptocurrency infrastructure provider Chorus One rolled out a plan to create a “floating betting token (currently: stSOL) that collects stock rewards and offers firm positions with Solana’s Lido endorsers,” similar to the current Lido venture. StETH interest rate provider symbol.
Development funding to bring Lido services into the supplementary network will come from the Lido Ecosystem Grants, a program that the Lido Department launched in March. Chorus One has requested a compensation package that includes 2,000,000 LDO tokens earned and a revenue sharing form where Chorus One will receive 20% of the protocol fee revenue to transfer it to the Lido Treasury.
Key milestones for Chorus One’s earnings closures are particularly ambitious, including the one-year cut to “grab 2.5% of the expanded SOL offer” as well as 1,000,000 tokens scheduled to launch an annual dividend plan “when Lido for Solana can claim a 25% offer.” Detailed SOL “. The proposal states that Chorus One is currently the largest stake in SOL, valued at $ 600 million.
A Lido spokesperson told Cointelegraph the expansion could be a boon to the protocol’s revenue.
“For Lido DAO, expanding Solana’s liquid investment could result in similar protocol fees as we currently see with stETH / Liquid investing in Ethereum, where a 10% tax on investment fees is collected and distributed between the node operators and Lido DAO.” According to them, Treasury (for example, establishing an insurance fund).
They also indicated that the doors remain open for expansion of other proof-of-stake chains.
They said: “Lido has a very simple mission to keep Ethereum simple, secure and decentralized, and we will consider expanding this to other networks where possible.”
According to Lido’s website, services are currently running at ETH rates of 256,964 (worth over $ 700 billion) on nearly 5,000 addresses, which produce 7.1% annually, the third largest price pool currently living in Nansen … while estimates vary. , APY Rewards are expected to increase significantly after the launch of ETH 2.0.
The Lido $ LDO token rose recently, rising 54% in 24 hours to $ 2.9 and 216% in a week – a race that may have arisen over another proposal from management that diversifies part of the treasury in favor of a host of notable venture capital funds including Delphi Digital, Digital Currency Group, Three Arrows Capital, and Alameda Research.