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Lido DAO Votes Against Selling $14.5 Million in LDO Tokens to Dragonfly Capital

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Today’s Cryptocurrency Headline

A proposal to sell 10 million LDO tokens to venture capital firm Dragonfly Capital for $14.5 million was rejected by the Lido Finance community with 66 percent negative votes, according to a community vote that concluded Monday. Lido also has another pending treasury management-related proposal, which proposes to sell 10,000 ether from the project’s treasury into stablecoin. Lido’s treasury is currently worth $290 million and it holds 158 million LDO tokens ($251 million), 20,940 ETH ($32 million), five million staked ETH ($7 million) and small amounts of other coins.

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According to Arcane Research, the total supply was about $151 billion by Q2 of this year, the figure revealed an 18.8% drop over the last quarter, worth around $35 billion, which was the largest quarterly drawdown in history of stablecoins. Bitcoin is down 4.72% over the last 24 hours and fell to an intraday low of $20,707.61. The relative strength index (RSI) has dropped below the midpoint, indicating that bears are currently dictating price movement. The Federal Open Market Committee meeting will happen tomorrow and the market is expecting another 75 basis point hike. Investors should be preparing for the upcoming volatility.
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