• Market Cap: $1,146,097,626,105.28
  • 24h Vol: $29,732,739,884.52
  • BTC Dominance: 44.84%
XBT.Market
Advertisement
  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us
No Result
View All Result
XBT.Market
No Result
View All Result
Home Bitcoin

LidoDAO says no to selling $14.5M in LDO tokens to Dragonfly Capital

Jon Hartney by Jon Hartney
July 26, 2022
in Bitcoin, Blockchain, Business, Market
0
LidoDAO says no to selling $14.5M in LDO tokens to Dragonfly Capital
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

The proposal aimed to secure a two-year runway for LidoDAO to carry out its functions in the Lido Finance protocol without worrying about further fundraising.

LidoDAO, the governance body that controls Lido Finance, has voted to reject a proposal that would have sent 1% of the LDO token supply to Dragonfly Capital in exchange for about $14.5 million in DAI.

LDO is the native token on the Lido Finance protocol, which issues the Lido Staked Ether (stETH) token. DAI is the dollar-pegged stablecoin issued by the Maker Protocol. If it had passed, crypto VC Dragonfly Capital would have received 10 million LDO tokens at $1.45 each.

Related articles

Robinhood will end support for 3 tokens named in SEC lawsuits

Robinhood will end support for 3 tokens named in SEC lawsuits

June 9, 2023
Crypto Biz: The SEC’s summer crackdown, Apple’s ‘spatial computing,’ and Mercado Bitcoin gears up

Crypto Biz: The SEC’s summer crackdown, Apple’s ‘spatial computing,’ and Mercado Bitcoin gears up

June 9, 2023

A total of 609 votes were cast across three options, but the proposal was ultimately rejected with 43 million total tokens in favor of rejection. Nine whales whose collective 40.3 million tokens comprised the vast majority of the weight of the votes.

The other two options were each in favor of the proposal either with a one-year lockup on the LDO tokens or with no lockup.

This vote was for the first half of the total 20 million LDO token allocation stipulated in the proposal. The second portion of 10 million LDO tokens could be sold to LidoDAO’s treasury, but it is unclear whether that vote will take place following this first rejection. Lido’s treasury is currently valued at about $228 million as of the time of writing.

The July 18 proposal issued by DAO member Jacob Blish aimed to secure a two-year runway for LidoDAO to carry out its functions in the Lido Finance protocol without worrying about further fundraising. Blish stated:

“This will ensure Lido and its core contributors are able to continue the important work needed for the protocol in the long term and to flourish as an autonomous, self-governing collective.”

Blish added that the proposal specifies accumulation of stablecoins to ensure that Lido can remain in a  “steady state to ensure survivability and security for Lido independent of further market actions.”

Lido community members appear nonchalant about the outcome of the vote as the project’s Discord and Twitter accounts have been silent since the results came in. With the rejection, the proposal will go back to the drawing board and possibly be voted on again.

Dragonfly Capital, led by Haseeb Qureshi and Bo Feng, has at least 57 companies in its crypto and Web3 investment portfolio. The firm closed a $650 million funding round in April.

Lido allows ETH investors to stake their coins in preparation for the Ethereum network’s transition to Proof-of-Stake (PoS) consensus expected by September.

Related: Lido co-founder discusses the future of Ethereum at EthCC

The LDO whale who swung their considerable weight of 17 million tokens to reject the proposal has voted in favor of another ongoing vote at LidoDAO that will add a developer to one of the project’s multi-sig wallets if passed. This proposal is designed to increase the security of the protocol’s funds.

Read Entire Article
Tags: CointelegraphCryptocurrencyInvestmentMining Bitcoin
Share76Tweet47

Related Posts

Robinhood will end support for 3 tokens named in SEC lawsuits

Robinhood will end support for 3 tokens named in SEC lawsuits

by Jon Hartney
June 9, 2023
0

The company cited the SEC’s actions against Coinbase and Binance as reasons for the delisting, saying the lawsuits

Crypto Biz: The SEC’s summer crackdown, Apple’s ‘spatial computing,’ and Mercado Bitcoin gears up

Crypto Biz: The SEC’s summer crackdown, Apple’s ‘spatial computing,’ and Mercado Bitcoin gears up

by Jon Hartney
June 9, 2023
0

Along with the recent wave of lawsuits, this week’s Crypto Biz also explores Apple’s new headset, Brazil’s

US Justice Department charges two men in Mt. Gox Hack

US Justice Department charges two men in Mt. Gox Hack

by Jon Hartney
June 9, 2023
0

The Justice Department claims Alexey Bilyuchenko and Aleksandr Verner took control of a Mt Gox server and stole 647,000

Real-World Asset protocols outperform DeFi blue-chips due to tokenization wave

Real-World Asset protocols outperform DeFi blue-chips due to tokenization wave

by Jon Hartney
June 9, 2023
0

Traditional finance companies are boosting their engagement with Ethereum-based real-world asset protocols, resulting

DeFi volumes surge 444% after Binance, Coinbase lawsuits: Finance Redefined

DeFi volumes surge 444% after Binance, Coinbase lawsuits: Finance Redefined

by Jon Hartney
June 9, 2023
0

The top-100 DeFi tokens by market capitalization had a bearish week as the total value locked in these protocols fell

Load More
  • Trending
  • Comments
  • Latest
NEXO risks 50% drop due to regulatory pressure and investor concerns

NEXO risks 50% drop due to regulatory pressure and investor concerns

September 30, 2022
51% of Ethereum blocks are now compliant with OFAC standards, raising censorship concerns

51% of Ethereum blocks are now compliant with OFAC standards, raising censorship concerns

October 14, 2022
All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

July 7, 2022
Zero-knowledge KYC could solve the privacy vs compliance conundrum: VC partner

Zero-knowledge KYC could solve the privacy vs compliance conundrum: VC partner

October 11, 2022
All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

0
Crypto owners banned from working on US Government crypto policies

Crypto owners banned from working on US Government crypto policies

0
Korean startup Uprise lost $20M shorting LUNC

Korean startup Uprise lost $20M shorting LUNC

0
Ethereum testnet Merge mostly successful — ‘Hiccups will not delay the Merge.’

Ethereum testnet Merge mostly successful — ‘Hiccups will not delay the Merge.’

0
Robinhood will end support for 3 tokens named in SEC lawsuits

Robinhood will end support for 3 tokens named in SEC lawsuits

June 9, 2023
Crypto Biz: The SEC’s summer crackdown, Apple’s ‘spatial computing,’ and Mercado Bitcoin gears up

Crypto Biz: The SEC’s summer crackdown, Apple’s ‘spatial computing,’ and Mercado Bitcoin gears up

June 9, 2023
US Justice Department charges two men in Mt. Gox Hack

US Justice Department charges two men in Mt. Gox Hack

June 9, 2023
Real-World Asset protocols outperform DeFi blue-chips due to tokenization wave

Real-World Asset protocols outperform DeFi blue-chips due to tokenization wave

June 9, 2023

XBT.Market

This website is an automated news feed powered by the Nebulome cloud system. The site is made possible by YYC TECH Consulting and Alberta Digital Mining Company. As a team with major crypto and bitcoin enthusiasm, we have curated major sources of news, trading and financial data to bring you, our viewer, an unbiased source of truth.

Recent Posts

  • Robinhood will end support for 3 tokens named in SEC lawsuits June 9, 2023
  • Crypto Biz: The SEC’s summer crackdown, Apple’s ‘spatial computing,’ and Mercado Bitcoin gears up June 9, 2023
  • US Justice Department charges two men in Mt. Gox Hack June 9, 2023
  • Real-World Asset protocols outperform DeFi blue-chips due to tokenization wave June 9, 2023
  • DeFi volumes surge 444% after Binance, Coinbase lawsuits: Finance Redefined June 9, 2023

News Categories

  • Bitcoin
  • Blockchain
  • Business
  • Market

Tags

bitcoinMagzine Cointelegraph Cryptocurrency insidebitcoins Investment Mining Bitcoin NewsBTC

Quicklinks

  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us

© 2022 Xbt.Market - Powered by YYC Tech Consulting & ADMCO.

No Result
View All Result
  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us

© 2022 Xbt.Market by Nebulome.

  • bitcoinBitcoin(BTC)$26,494.00-0.29%
  • ethereumEthereum(ETH)$1,836.71-0.78%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.000.04%
  • binancecoinBNB(BNB)$261.95-0.48%
  • usd-coinUSD Coin(USDC)$1.000.07%
  • rippleXRP(XRP)$0.542.39%
  • staked-etherLido Staked Ether(STETH)$1,835.92-0.81%
  • cardanoCardano(ADA)$0.301116-7.11%
  • dogecoinDogecoin(DOGE)$0.0692762.04%
  • solanaSolana(SOL)$17.57-7.23%
  • matic-networkPolygon(MATIC)$0.74-5.97%
  • litecoinLitecoin(LTC)$89.220.74%
  • tronTRON(TRX)$0.072031-7.21%
  • polkadotPolkadot(DOT)$4.99-0.73%
  • binance-usdBinance USD(BUSD)$1.000.05%
  • avalanche-2Avalanche(AVAX)$13.83-0.94%
  • shiba-inuShiba Inu(SHIB)$0.000008-0.77%
  • daiDai(DAI)$1.000.11%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$26,464.00-0.54%
  • uniswapUniswap(UNI)$4.58-1.17%
  • leo-tokenLEO Token(LEO)$3.53-0.66%
  • chainlinkChainlink(LINK)$5.99-0.28%
  • cosmosCosmos Hub(ATOM)$9.21-2.68%
  • okbOKB(OKB)$44.820.33%
  • moneroMonero(XMR)$142.86-0.55%
  • ToncoinToncoin(TON)$1.712.29%
  • Aerarium FiAerarium Fi(AERA)$7.14-13.11%
  • ethereum-classicEthereum Classic(ETC)$16.99-0.01%
  • stellarStellar(XLM)$0.0885881.63%
  • bitcoin-cashBitcoin Cash(BCH)$111.12-0.30%
  • true-usdTrueUSD(TUSD)$1.000.00%
  • lido-daoLido DAO(LDO)$2.180.45%
  • internet-computerInternet Computer(ICP)$4.241.45%
  • filecoinFilecoin(FIL)$4.05-1.24%
  • quant-networkQuant(QNT)$108.02-2.76%
  • hedera-hashgraphHedera(HBAR)$0.048627-0.10%
  • crypto-com-chainCronos(CRO)$0.057812-1.94%
  • AptosAptos(APT)$7.41-3.30%
  • GGTKNGGTKN(GGTKN)$0.1121180.75%
  • ArbitrumArbitrum(ARB)$1.130.33%
  • nearNEAR Protocol(NEAR)$1.40-1.53%
  • vechainVeChain(VET)$0.017176-4.03%
  • apecoinApeCoin(APE)$2.84-2.74%
  • paxos-standardPax Dollar(USDP)$1.000.05%
  • the-graphThe Graph(GRT)$0.111251-2.19%
  • fraxFrax(FRAX)$1.00-0.05%
  • BSCEXBSCEX(BSCX)$262.5483.57%
  • EdgecoinEdgecoin(EDGT)$1.00-0.03%
  • eosEOS(EOS)$0.890.68%
  • rocket-poolRocket Pool(RPL)$47.440.06%
  • algorandAlgorand(ALGO)$0.1257741.70%
  • elrond-erd-2MultiversX(EGLD)$34.82-0.63%
  • blockstackStacks(STX)$0.64-2.06%
  • the-sandboxThe Sandbox(SAND)$0.473055-3.26%
  • Rocket Pool ETHRocket Pool ETH(RETH)$1,973.27-0.84%
  • aaveAave(AAVE)$60.030.26%
  • optimismOptimism(OP)$1.33-3.21%
  • render-tokenRender(RNDR)$2.301.84%
  • fantomFantom(FTM)$0.288285-2.90%
  • tezosTezos(XTZ)$0.83-0.85%
  • theta-tokenTheta Network(THETA)$0.75-1.03%
  • usddUSDD(USDD)$1.000.07%
  • decentralandDecentraland(MANA)$0.408981-2.52%
  • immutable-xImmutableX(IMX)$0.731.18%
  • Bitget TokenBitget Token(BGB)$0.504.22%
  • axie-infinityAxie Infinity(AXS)$6.07-2.96%
  • BitDAOBitDAO(BIT)$0.477375-0.75%
  • WhiteBIT TokenWhiteBIT Token(WBT)$4.820.13%
  • radixRadix(XRD)$0.067011-1.00%
  • havvenSynthetix Network(SNX)$2.06-0.47%
  • kucoin-sharesKuCoin(KCS)$6.71-1.29%
  • flowFlow(FLOW)$0.62-1.77%
  • neoNEO(NEO)$9.03-0.52%
  • curve-dao-tokenCurve DAO(CRV)$0.76-0.51%
  • CloutContractsCloutContracts(CCS)$52.461,000.00%
  • galaGALA(GALA)$0.025620-1.88%
  • terra-lunaTerra Luna Classic(LUNC)$0.0001000.01%
  • bitcoin-cash-svBitcoin SV(BSV)$30.05-0.80%
  • gatechain-tokenGate(GT)$4.152.00%
  • gemini-dollarGemini Dollar(GUSD)$1.00-0.24%
  • makerMaker(MKR)$626.62-0.09%
  • injective-protocolInjective(INJ)$6.92-1.40%
  • kavaKava(KAVA)$0.94-4.34%
  • klay-tokenKlaytn(KLAY)$0.1651831.17%
  • marumaruNFTmarumaruNFT(MARU)$0.24991121.40%
  • bittorrentBitTorrent(BTT)$0.0000010.03%
  • pax-goldPAX Gold(PAXG)$1,918.57-0.33%
  • xdce-crowd-saleXDC Network(XDC)$0.0357202.39%
  • iotaIOTA(MIOTA)$0.177457-1.34%
  • Tokenize XchangeTokenize Xchange(TKX)$6.15-0.14%
  • PepePepe(PEPE)$0.0000016.21%
  • tether-goldTether Gold(XAUT)$1,960.53-0.11%
  • compound-ethercETH(CETH)$36.90-0.78%
  • casper-networkCasper Network(CSPR)$0.043238-1.02%
  • conflux-tokenConflux(CFX)$0.228338-1.80%
  • huobi-tokenHuobi(HT)$2.932.30%
  • chilizChiliz(CHZ)$0.0875730.00%
  • binaryxBinaryX(BNX)$165.90-5.97%
  • gmxGMX(GMX)$51.35-0.41%