ICYMI: Lido DAO approves treasury token sale to Dragonfly Capital after terms tweaked
The vote is half of a treasury diversification plan for liquid staking giant Lido Finance. The entire plan involves liquidating 20 million LDO tokens for dai stablecoin. Lido plans to sell half of this sum to Dragonfly Capital.by the community, with DAO members objecting to the terms of the token sale. These objections revolved around the quoted price for the token sale and the absence of any vesting requirement on the part of Dragonfly.
Lido Finance subsequently filed a revamped proposal that addressed these concerns, including two price ranges for the LDO token sale. The first price is based on the combination of a previous average spot price and a 50% premium that amounts to about $1.45 per coin while the second is based on a seven-day backward-looking average at the end of the vote. Dragonfly will buy the coins at the higher of the two prices.
“The first proposal didn’t have a contingency for the case that the LDO price increased after posting and that’s why the vote predictably failed. The second proposal does have a contingency — the purchase price now moves up together with the spot price — and it also addresses another concern the community had around lockups,” Hasu told The Block.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.Osato is a reporter at The Block who likes to cover DeFi, NFTS, and tech-related stories. He has previously worked as a reporter for Cointelegraph. Based in Lagos, Nigeria, he enjoys crosswords, poker, and attempting to beat his Scrabble high score.
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