Lido

Lido on Solana was a liquid staking protocol that let SOL holders deposit their tokens and receive stSOL in return. stSOL was a yield-bearing SPL token that appreciated in value relative to SOL as staking rewards accrued, and could be used across Solana DeFi. At its April 2022 peak, the protocol held around $440 million in staked SOL.

The product was developed and maintained by P2P Validator after they took over the project in March 2022. Despite the protocol's early traction, the economics never worked: P2P spent approximately $700,000 on development and operations while earning only $220,000 in fees — a net loss of $484,000 — with Solana's low transaction fees making a path to profitability implausible.

By October 2023, total value locked had fallen to roughly $55 million. The Lido DAO put the future of the Solana product to a community vote; 92.7% of participating LDO holders (65 million of 70.1 million tokens cast) voted to wind it down.

The shutdown followed a structured timeline:

• October 16, 2023 — New SOL staking requests halted immediately.
• November 17, 2023 — Voluntary node operator off-boarding began.
• February 4, 2024 — The Lido on Solana web frontend closed. After this date, unstaking required command-line tools or a third-party interface (Nansen later launched stsol.nansen.ai to assist remaining holders).

Throughout the wind-down, stSOL holders continued to receive staking rewards. Lido stated that the closure was "deemed a necessity for the continued success of the broader Lido protocol ecosystem." Lido's Ethereum staking product remains active; Solana is no longer supported.