Lido DAO Votes Against Treasury Diversification Proposal

Lido DAO Votes Against Treasury Diversification Proposal

Liquid staking procedure, Lido Finance’s neighborhood released a treasury diversification proposal to offer 10M LDO (Lido DAO) tokens for $14.5 M to crypto-focused financial investment companyDragonfly Capital The DAO nevertheless voted against the proposal with 66.61% votes.

According to the proposal, LDO token holders were asked to vote on the following:

  • No-Proposal requires more work
  • For-Keep as noted, 1 year secure
  • For-Keep as noted, no lock-up

Half of Lido’s proposed treasury diversification strategy is represented by this token sale, 20M LDO tokens would have been offered completely at a repaired cost of $1.45.

If the vote achieved success, Dragonfly would’ve gotten half of this allotment. Those who voted against the proposal were 600 DAO members, amounting to 43M LDO tokens.

Only 2 addresses, amounting to 21M LDO tokens, cast a vote in favor of the LDO token sale in the meantime.

According to Lido’s initial proposal, Dragonfly would have not been needed to secure the LDO tokens. This did stimulate heated arguments in the diversification proposal’s online forum conversation.

The identity of the whale wallet that at first supported the proposal likewise raised issues in the neighborhood.

So in conclusion the Lido DAO favors the proposal requiring more work, and Lido Finance has not yet exposed its future strategies concerning this.

Lido is likewise dealing with another treasury management proposal. This proposal needs the conversion of 10,000 ether from the Lido’s treasury into stablecoin.

Compiled by Coinbold.

5/5 - (100 votes)