Lido, the staking giant, is looking to offer services to Solana.

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Chorus One, an infrastructure provider, claims it will assist Lido in capturing 25% of all staked SOL.

One of the more popular ETH 2.0 and Terra staking services is now looking to extend into other proof-of-stake chains, beginning with layer 1 Solana.

In a proposal today on Lido’s governance forums, crypto infrastructure provider Chorus One laid out a plan to build “a liquid staking token (for now: stSOL) that will accrue staking rewards and represent staking positions with Lido validators on Solana,” similar to Lido’s current interest-accruing stETH token.

Development funding to bring Lido’s services to an additional chain would come from the Lido Ecosystem Grants Organization, a program Lido’s governance kicked off in March. Chorus One’s requested a compensation package including 2,000,000 vested LDO tokens and a revenue-sharing model that would entitle Chorus One to 20% of the revenue from protocol fees that would go to the Lido treasury.

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The vesting unlock targets for Chorus One are particularly optimistic, with a one-year cliff to “capture 2.5 percent of the staked SOL supply” and 1,000,000 tokens set to begin a one-year vesting timeline “when Lido for Solana manages to capture 25 percent of the staked SOL supply.” Chorus One is actually the biggest SOL stakeholder, with $600 million in tokens, according to the resolution.

According to a Lido official, an extension may be beneficial to the protocol’s revenue.

“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),” they said.

They also said that the possibility of extending to other Proof of Stake chains is still available.

“Lido has a very simple mission – to keep Ethereum staking simple, secure, and decentralised – and we will look to extend this to other networks wherever possible,” they said.

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According to Lido’s website, the service currently accounts for 256,964 ETH staked (worth over $700 billion) across nearly 5000 emails, collecting 7.1 percent APY, and is the third-largest staking pool currently active, according to Nansen. Though predictions differ, once ETH 2.0 is released, APY rewards are expected to skyrocket.

Lido’s $LDO token has been on a roll recently, climbing 54 percent in a 24-hour period to $2.9 and 216 percent in a week — a streak that could be fuelled by another governance plan that would diversify a portion of the treasury to a collective of prominent venture capital funds such as Delphi Digital, Digital Currency Group, Three Arrows Capital, and Alameda Research.

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