Lido Finance Continues Proposing To Sell 2% Of Total LDO

Ethereum staking protocol Lido Finance (LDO) has continued to offer a new token sale proposal after the related vote on the issue was just rejected by the community.

On July 20, Lido Finance proposed to sell 2% of the total supply of LDO, equivalent to 20 million LDO, to investment funds to ensure enough financial resources to maintain project operations during the current downturn.

On July 26, the above proposal was completely failed by the consensus of the Lido DAO community, with 66% of the total winning votes representing 43 million LDO tokens of nearly 600 members.

And now Lido has just appeared with a new proposal related to this event. Specifically, the project’s Sales Manager Jacob Blish still wants to continue his intention to sell 1% of the total LDO supply to Dragonfly Capital out of the total 2% wants to sell; the remaining 1% will be handled in the future by the other anonymous investments.

Instead of Lido agreeing to sell at $1.452153/LDO as first proposed, in this round, it will be $1.45/LDO, with the provision that Dragonfly Capital will have the right to withdraw from the commitment if the LDO price exceeds $2.25 in the next seven-day voting period. The next difference to watch out for is that the new proposal will have a 1-year token lock-in period.

Lido Finance’s latest move proves that the platform is indeed struggling financially. At the time of writing, the Lido DAO fund only owns total token assets including 20,940 ETH, 157.7 million LDO, 5,165 sETH and 13,180 MATIC without any stablecoins.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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