Blockchain giant Lido voted in favor of selling 1% of the altcoins in the project treasury to Dragonfly Capital. Voting took place with the participation of the Lido community. 1% of the treasury is equivalent to 10 million LDO according to current data. This number of LDOs corresponds to an average of $25 million in fiat currency. It was noteworthy, however, that the community decision was almost unanimous. The number of votes in favor of the sale triggered a debate in the crypto space.
Blockchain giant to sell 10 million altcoins
Lido Blockchain will sell some of the treasury funds to a third party. Dragonfly Capital, a crypto investment fund, will buy 1% of the altcoins in Lido’s DAO treasury. The Lido DAO community almost unanimously accepted the sale. The community used 60 million LDOs to vote in favor of the sales plan. As a result, a huge 99.09% of respondents supported the aforementioned plan. DAO participants who opposed the plan only used 553,000 LDOs to vote. Therefore, the opposition to the proposal was only 0.91% of the respondents.
Dragonfly has committed a purchase price based on the premium in addition to the time-weighted average price. There will be a one-year staking phase before altcoins become liquid. Dragonfly had the ability to withdraw from the deal when LDO prices crossed $2.50 during the voting period. However, he chose not to do so. “Dragonfly adhered to the terms and decided not to enact the veto clause,” said Lido’s Jacob Blish. Dragonfly’s Tom Schmidt also confirmed that the deal will continue. He also expressed that the company is “excited to continue with the offer.” The blockchain community vote took place from July 28 to August 4. Now, a new chain voting will take place on the DAO platform Aragon.
Lido DAO’s past ratings
As we reported as Kriptokoin.com, there was a similar vote last month. This vote failed because voters were not satisfied with the terms of the sale. If the deal had been accepted, he would have bought 2% of Dragonfly’s treasury supply instead of 1%. The sale is intended to diversify Lido’s holding by raising funds in the form of stablecoins. The original proposal was expected to secure two years of workspace for the Lido DAO.
Voting follows other high-profile decisions. Earlier this year, Lido planned to limit the amount of Ethereum that can be staked on the platform. However, the proposal was rejected by the overwhelming majority of the community. Blockchain also aims to give voting rights to holders of staked ETH (stETH), as well as LDO holders. This proposal has not yet been voted on and is still under development. If this offer passes the DAO, stETH holders will have the opportunity to participate in the management of the platform.
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