HomeCoinsEthereum (ETH)Lido DAO votes no to selling $14.5 million in LDO tokens to...

Lido DAO votes no to selling $14.5 million in LDO tokens to Dragonfly Capital

- Advertisement -


The Lido Finance community has voted against a proposal to sell 10 million LDO tokens for $14.5 million to venture capital firm Dragonfly Capital, according to a vote that concluded on Monday.

Monday’s vote ended with close to 600 DAO members, representing a total of 43 million Lido DAO (LDO) tokens, voting against the proposal. This figure accounted for 66% of all votes cast. Meanwhile, only two addresses, amounting to 21 million LDO tokens, voted in support of the token sale.

The token sale is part of a treasury diversification proposal for Lido. The DAO proposal called for the sale of 20 million LDO coins, with half of that amount allocated to Dragonfly. The latest vote was only to determine whether to proceed with the token sale to Dragonfly.

Lido’s plan to sell these coins to Dragonfly without any lock-up requirement had triggered a lot of criticism. The identity of the whale wallet that initially backed the proposal, as previously reported by The Block, also led to speculation of a possible conflict of interest.

With Monday’s vote ended, the Lido team will have to do further work on the proposal. It is not yet clear if the DAO will move to vote on the other half of the plan.

Lido also has another pending treasury management-related proposal. This one calls for the sale of 10,000 ether from the project’s treasury into stablecoin. Lido’s treasury is currently worth $290 million and it holds 158 million LDO tokens ($251 million), 20,940 ETH ($32 million), five million staked ETH ($7 million) and small amounts of other coins.

© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Osato is a reporter at The Block who likes to cover DeFi, NFTS, and tech-related stories. He has previously worked as a reporter for Cointelegraph. Based in Lagos, Nigeria, he enjoys crosswords, poker, and attempting to beat his Scrabble high score.



Source link

- Advertisement -
Mr Bitcointe
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
462FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,580FollowersFollow
2,230SubscribersSubscribe

Most Popular

bitcoin
Bitcoin (BTC) $ 16,877.53
ethereum
Ethereum (ETH) $ 1,267.31
tether
Tether (USDT) $ 1.00
bitcoin-cash
Bitcoin Cash (BCH) $ 112.27
litecoin
Litecoin (LTC) $ 78.58
eos
EOS (EOS) $ 0.938122
okb
OKB (OKB) $ 21.65
tezos
Tezos (XTZ) $ 1.01
leo-token
LEO Token (LEO) $ 3.77
cardano
Cardano (ADA) $ 0.314833
monero
Monero (XMR) $ 139.82
stellar
Stellar (XLM) $ 0.0899
chainlink
Chainlink (LINK) $ 7.45
huobi-token
Huobi (HT) $ 6.93
tron
TRON (TRX) $ 0.054044
usd-coin
USD Coin (USDC) $ 1.00
dash
Dash (DASH) $ 44.33
neo
NEO (NEO) $ 6.85
iota
IOTA (MIOTA) $ 0.214855
nem
NEM (XEM) $ 0.03298
zcash
Zcash (ZEC) $ 41.05
maker
Maker (MKR) $ 657.92
paxos-standard
Pax Dollar (USDP) $ 1.00
ethereum-classic
Ethereum Classic (ETC) $ 20.12
vechain
VeChain (VET) $ 0.019008
true-usd
TrueUSD (TUSD) $ 1.00
kucoin-shares
KuCoin (KCS) $ 6.69
waves
Waves (WAVES) $ 2.37