After the proposal was modified, over 99% of Lido DAO voting participants voted in favor of executing the treasury diversification proposal. This will enable the DAO to sell 10 million LDO, i.e. 1% of the project’s treasury (approx $25 million) to crypto investment fund Dragonfly Capital.
Lido DAO allows users to take part in the process of Ethereum‘s PoS chain for daily rewards.
The community rejected a previous proposal for the same number of tokens, with DAO members claiming that Dragonfly would not have been required to lock up the LDO tokens, whilst this proposal comes with a one-year lockup period.
After rejecting Lido Finance’s original proposal, the Ethereum staking protocol revamped it.
According to the snapshot, the proposal was almost unanimously approved, as 60 million LDO were used to vote in favor of the plan. Only 553,000 LDO were used to vote against the proposal, representing 0.91 percent opposition.
The voting period lasted from July 28 to August 4. It will now proceed to an on-chain vote on the Aragon DAO platform.