Staking giant Lido plans to provide services to SOL

One of the largest Ethereum 2.0 and Terra staking services is now looking to expand to other Proof of Stake (PoS) chains, starting with Solana (SOL). Cointelegraph reported this on the 30th (local time).

Cryptocurrency infrastructure company Chorus One today announced through Lido’s governance forum, a liquidity staking token (currently stSOL) construction plan was presented.

Funding for development to make Lido’s services an additional chain will come from the Lido Ecosystem Grants Organization, a program in which Lido’s governance began in March. KORUS ONE requested a reward package that includes KORUS ONE’s 2 million LDO tokens and a revenue sharing model, equivalent to 20% of the protocol fee income from Lido funds.

According to Lido’s website, the service currently occupies 256,964 ETH stakes at nearly 5000 addresses and earns 7.1% APY (annual interest rate). It is currently the third largest staking pool. Estimates vary, but APY rewards are expected to increase significantly when ETH 2.0 begins.

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Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.