Lido proposes new terms for treasury token sale to Dragonfly Capital

The new proposal still calls for selling 10 million Lido DAO tokens to Dragonfly, but with a one-year lock-up this time around. The post Lido proposes new terms for treasury token sale to Dragonfly Capital appeared first on The Block.

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LidoDAO rejected the proposal to send LDO tokens to Dragonfly Capital which was a proposal aimed to secure a runway for the platform to carry out the functions in the protocol without having to worry about further fundraising so let's have a closer look in today's latest cryptocurrency news.

The community members of Lido Finance, a decentralized finance (DeFi) protocol and third-party staking pool operator for Ethereum (ETH) 2.0, have voted against a proposal to sell LDO 10m tokens to crypto investment firm Dragonfly Capital for DAI 14.5m.

Lido DAO (LDO) emerged to be one of the most gaining tokens among the top 100 cryptocurrencies over the past 30 days. However, the LDO token prices have taken a hit over the rejection of its governance proposal to diversify the treasury.

Ethereum staking protocol Lido Finance rejected a proposal to sell 10 million LDO tokens for $14.5 million to the Dragonfly Capital investment fund. Voting Results Voting on the proposed token sale for Dragonfly Capital ended yesterday.

The majority of the votes cast were against the controversial Lido proposal to sell tokens to Dragonfly Capital without any lock-up. The post Lido DAO votes no to selling $14.5 million in LDO tokens to Dragonfly Capital appeared first on The Block.

The vote is half of a proposed $29 million token sale involving the liquidation of 2% of the Lido DAO (LDO) token supply for DAI. The post Lido DAO voting on proposed $14.5 million token sale to Dragonfly Capital appeared first on The Block.

Staking is still a relatively new phenomenon in the world of virtual currencies. And also many individuals are still not familiar with its advantages. While blockchains like Ethereum have their importance in the industry, the need for faster alternatives continues to exist.

Crypto staking service provider Lido Finance has come a long way. From fears of shrinking liquidity for the staking derivative to Lido's native token skyrocketing to a weekly-high of $0.66, the organization has stood its ground.

If the deal gets approved, the Lido treasury will receive $29 million in the DAI stablecoin from investors. The post Lido Finance proposal wants Lido DAO to sell 2% of all LDO tokens appeared first on The Block.

The Lido DAO is in overbought territory since April and the LDO prices are rallying by 150% in just two weeks so what seems to be driving the rally? Let's find out today in our cryptocurrency's latest news.