LidoDAO Says No to $14.5M LDO Token Sale to Dragonfly Capital

The proposal was to ensure a two-year lead for LidoDAO to perform its duties in the Lido Finance protocol without worrying about a new fundraising.< /p> New

LidoDAO, the governance body that controls Lido Finance, has voted to reject a proposal that would have sent 1% of the LDO token supply to Dragonfly Capital in exchange for approximately $14.5 million in Dai ( DAI).

LDO is the native token of the Lido Finance protocol, which issues the Lido Staked Ether (stETH) token. DAI is the dollar-pegged stablecoin issued by the Maker Protocol. If adopted, crypto venture capitalist Dragonfly Capital would have received 10 million LDO tokens at $1.45 each.

A total of 609 votes were cast on three options, but the proposal was ultimately rejected with 43 million total tokens in favor of rejection. Nine whales whose collective 40.3 million tokens made up the vast majority of the voting weight.

The other two options were each in favor of the proposal, either with a one-year lock on LDO tokens or no lock.

This vote was for the first half of the total allocation of 20 million LDO tokens stipulated in the proposal. The second part of 10 million LDO tokens could be sold to the LidoDAO treasury, but it is not known if this vote will take place after this first rejection. The Lido's treasury is currently valued at around $228 million at the time of writing.

The July 18 proposal issued by DAO member Jacob Blish sought to secure a two-year track for the LidoDAO to carry out its duties under the Lido Finance protocol without worrying about a new Fund raising. Bliss said:

"This will allow Lido and its core contributors to continue the important work needed for the long-term protocol and to flourish as a self-sustaining, self-sustaining collective."

Blish added that the proposal clarifies the accumulation...