According to a vote that ended on Monday, Lido Finance The community voted against a proposal to sell 10 million LDO tokens to venture capital firm Dragonfly Capital for $14.5 million.
Dragonfly Capital Sale of 10 Million LDO Tokens Rejected by 66 Percent Vote
Monday’s vote totaled 43 million Lido DAOs (LDOs) your altcoin It ended with nearly 600 DAO members representing the proposal negatively. This figure accounted for 66% of all votes cast. Meanwhile, only two addresses representing 21 million LDO tokens voted in support of the token sale.
The token sale was part of a treasury diversification proposal for Lido. The DAO proposal envisioned the sale of 20 million LDO tokens, of which half would be allocated to Dragonfly. The final vote was solely to determine whether to start the token sale to Dragonfly.
Lido’s plan to sell these coins to Dragonfly without any lockdown conditions triggered a lot of criticism. The identity of the whale wallet that originally backed the proposal also prompted speculation of a possible conflict of interest.
With Monday’s vote ending, the Lido team will need to do more work on the proposal. It is not yet clear whether the DAO will act to vote on the other half of the plan.
Lido also has another pending proposal regarding treasury management. This offer is 10,000 from the project treasury. Ethereum It envisions it to be sold for stablecoins. Lido’s treasury is currently worth $290 million and holds 158 million LDO tokens ($251 million), 20,940 ETH ($32 million), five million staked ETH ($7 million), and small amounts of other coins.
*Not investment advice.