Lido community passes second proposal for token sale to Dragonfly Capital

The Lido decentralized autonomous group (DAO) practically unanimously permitted the sale of about US$25 million really worth of treasury tokens to venture money business Dragonfly Funds on Thursday. 

See linked short article: Lido Finance floats 2nd proposal to offer LDO to Dragonfly Funds

Rapidly details

  • The voting web page shows in excess of 99% of the community customers voted in favor of the proposal, which was tweaked immediately after the past proposal experienced unsuccessful. 
  • The tweaked proposal integrated a 1-yr lock-in interval, the absence of which was just one of the principal factors the earlier proposal was rejected. 
  • The sale to Dragonfly Cash is half of a treasury diversification program of Lido Finance, in which 20 million Lido tokens will be liquidated to be replaced by DAI stablecoin. 
  • The new proposal also tweaked the rate variety of the Lido tokens for sale — Dragonfly Cash could reportedly obtain the LDO tokens at about US$1.45 for every token or pay back the value centered on a seven-day backward-looking common at the conclusion of the vote, whichever was increased.
  • On the other hand, the proposal enables Dragonfly Money to exit the deal if the token selling price exceeds US$2.25. 

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