The Lido DAO voted in favor of the token sale to Dragonfly Capital, after adjusting the deal from being rejected last month.
A poll on Lido’s offer to sell 10 million tokens (approximately $25 million at current market prices) to Dragonfly ends today at 12 p.m. KST. It has been approved by more than 99% of the votes in Snapshot.
By this vote, this is half of the treasury diversification plan for liquid giant Lido Finance. The entire plan involves liquidating 20 million LDO tokens for the stablecoin DAI, with Lido planning to sell half of this amount to Dragonfly Capital.
Based on an earlier vote last month objected by the community, with DAO members objecting to the token sale terms regarding the proposed price for the token sale and no Dragonfly licensing requirements.
Lido Finance has submitted an updated proposal that addresses these concerns. Includes two price ranges for LDO token sales, the first of which is based on a combination of the previous average spot trading price and a 50% premium of approximately 1.45. dollars per coin And the second price is based on a 7-day historical average after the end of the vote. Dragonfly will buy the coin at a higher price than both prices. The joint venture can exit the deal if the price is higher than the two criteria. Priced in excess of $2.25, this revamped offer of Lido Tokens sold to Dragonfly has a one-year lockdown period.
Hasu, the pseudonym of Lido Finance adviser and head of strategy at Flashbots, told The Block that the structure of the previous deal was unpopular. It focuses solely on certain issues related to negotiating business deals with decentralized organizations such as DAOs.
Hasu told The Block that because the first offer has no plans to support it in case the LDO price increases after it is posted, And that’s why the first vote failed. But in the second offer, there is already a support plan. And the buy price also moved up with the spot price. Other concerns the community has about locking coins are also addressed.
Source: The Block