Lido lowers 15% of the staff, quotations quotation problems

One of the leaders in the liquid reinforcement scene has undergone a cut in his workforce that is needed to feed further development.

It is unusual that such events occur when the markets are booming, but it is sometimes inevitable.

Tons for sustainability

One of the co-founders of the Ethereum STACK protocol, Lido, Vasiliy Shapovalov, shared The unfortunate announcement on the social media platform X earlier today. Several people have already responded and offered to help those who have lost their jobs.

“This decision was about costs – no performance,” he noted.

The smart contract of Liquid STACK was founded in 2020 by Shapovalov and two other entrepreneurs, which marks the very first staffing. The Lido DAO operates the protocol, a decentralized autonomous organization (DAO) that offers an expansion infrastructure for several blockchain networks, in particular Ethereum.

The DAO is quite safe, as it is regularly controlled By external companies to detect and remove vulnerabilities. Users who bet their ETH on the protocol receive steth (Lido Staked ETH) tokens, who represent the total amount of and determine the size of the rewards of the incentive.

The indigenous currency, LDO, serves as a governance to the DAO. Holders can participate in administration proposals and votes on important decisions such as adjustments to the council, integrations and platform updates.

There Has been a recently change to the management model, where double governance is approved, giving steth holders the opportunity to oppose proposals by postponing them for Up to 45 days, a pioneering movement that is not seen in other comparable protocols, that adds extra security and decentralization to the organization.

Dominating, at first sight

Shapovalov further stated in his position that:

Although it may seem to be contrary to a market intake, the relocation reflects a deliberate dedication to sustainable growth, operational focus and coordination with the priorities of LDO token holders.

Indeed, if we investigate important statistics for the protocol and native token, sentiment leans more towards expansion than in contraction.

According to data collected at the time of printing from Defillama, Lido has currently not locked opposition in terms of the total value (TVL), which is higher than $ 31 billion. To compare it with the protocol in second place, Binance has Stusted ETH $ 10.4 billion in TVL.

They also lead Tokens (LSTs) in liquid deployment, with 8.9 million in Stant -ether, compared to the 2.9 million in the hands of the Binance protocol. In addition, Lido has more than 60% of the market share of these tokens.

Governance token, LDO, has also increased by almost 30% in the past month, according to the current data from Coinmarketcap.