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Lido Community Passes Second Proposal For Token Sale To Dragonfly Capital
The Lido decentralized autonomous organization (DAO) almost unanimously approved the sale of about US$25 million worth of treasury tokens to venture capital firm Dragonfly Capital on Thursday.
Uzma D.
7:53 5th Aug, 2022
Altcoins

The voting page shows over 99% of the community members voted in favor of the proposal, which was tweaked after the last proposal had failed.

The tweaked proposal included a one-year lock-in period, the absence of which was one of the main reasons the previous proposal was rejected.

The sale to Dragonfly Capital is half of a treasury diversification plan of Lido Finance, in which 20 million Lido tokens will be liquidated to be replaced by DAI stablecoin.

The new proposal also tweaked the price range of the Lido tokens for sale — Dragonfly Capital could reportedly buy the LDO tokens at about US$1.45 per token or pay the price based on a seven-day backward-looking average at the end of the vote, whichever was higher.

However, the proposal allows Dragonfly Capital to exit the deal if the token price exceeds US$2.25.

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