Voting results for protocol Lido Finance
Vote on the token sale proposal for Dragonfly Capital ended yesterday. The victory belonged to nearly 600 members, representing 43 million Lido tokens KNIFE (LDO), voted against this proposal. This number accounts for 66% total votes. Meanwhile, only two addresses holding up to 21 million LDO tokens have approved the token sale to the other investment fund.
The token sale is part of a treasury diversification proposal for Lido. The protocol wishes to sell 20 million LDO tokens to investment funds to cover operating costs for the next 2 years. Half of this allocation will go to Dragonfly if the vote is passed, but the results so far have been clear, with the majority not in favor of the proposal.
Which whale "pulled" behind the deal?
The deal with Dragonfly doesn't have any token locking requirements, which is why it has drawn a lot of criticism. and lead to rejected results. The identity of the whale wallets that originally backed this proposal also led to speculation about a possible conflict of interest, as whales spent up to 15 million LDO to sided with them.
Always the same story.— Hsaka (@HsakaTrades) July 22, 2022
DAO voting outcomes are usually determined before the proposal is even published.
All that 15m LDO vote for no lockup came from one wallet. Yet when you read the pre vote discussion, almost everyone advocating for some form of a lockup.
Theatrics. https://t.co/uWCCCiiBRe pic.twitter.com/xuiBlXgUdd
There are sources who are skeptical about the link between the number of tokens backing the proposal and Dragonfly. According to Nansen CEO Alex Svanevik, this amount may originate from a wallet linked to the identity of Alameda Research. But again suppose, I think can also be indirectly related from any other company through decentralized trading.
Wow what a shocker— Larry Cermak (@lawmaster) July 22, 2022
Cobie, investor crypto Famous and co-founder of Lido Finance, also seems to have weighed in on the vote. He added that doing so would lead to "cronyism and looting".
VCs should be abstaining from any DAO votes to sell themselves tokens, wtf am I looking at lmao— Cobie (@cobie) July 22, 2022
If the vote is “Should we sell Misc Capital 10,000,000 tokens for $1?”
Then Misc Capital should abstain from voting on this proposal.
Voting has now ended. But it remains unclear whether the DAO will move to voting on the other half of the plan immediately.
Lido also has another related proposal pending. This proposal calls for the sale of 10,000 ether from the project's general fund into stablecoins. Treasury of Lido is currently valued at $290 million and holds 158 million LDO tokens ($251 million), 20,940 ETH (32 million USD), staking 5 million ETH ($7 million) and a small amount of other coins/tokens.
In light of the above information, it seems that the LDO has reacted to the most recent significant transformations. At the time of writing, the LDO price has decreased by 16,43% in the past 24 hours and is trading around the $1.37 mark on the exchange. Binance.