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Lido community passes second proposal for token sale to Dragonfly Capital

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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