- Lido DAO has begun voting and announced that it plans to sell 2% of all LDOs.
- 2% of all LDOs, or 20 million LDOs, will be sold at a price of $ 1.45.
- Dragonfly will lead the investment and buy 10 million LDOs.
LidoDAO, the decentralized autonomy of Ethereum’s largest provider of staking services, will begin voting and will sell 2% of its total LDO (20 million LDOs) at a price of $ 1.45. According to the proposal, Dragonfly Capital will lead the investment and buy 10 million LDOs. The LDO sold will be unlocked immediately with full voting rights.
Lido DAO also takes timeliness into account due to market volatility. As a result, they are aiming to quickly finalize the terms via snapshot voting and close the deal next week.
This proposal aims to secure an operational runway for Lido DAO for about two years with stable coins. This allows Lido and its key contributors to continue the important work required for the protocol over the long term and prosper as an autonomous and autonomous group.
According to CoinMarketCap data, the protocol’s native token, the LDO, has seen a price increase of 136.36% over the past seven days and is trading at $ 1.47 at the time of writing.
Lido also revealed plans for expansion yesterday through his official blog. “We are pleased to announce our plans to expand Lido in L2, starting with the expansion of stETH across the growing L2DeFi ecosystem,” read the post.
Lido is launching stETH on layer 2 ?️
Ethereum is scaling, and so is Lido.
Lido stakers will soon be able to use stETH assets with Layer 2 DeFi.
For more information, please visit https://t.co/QCsQry4V41.
— Lido (@LidoFinance) July 18, 2022
In particular, over the last two years, the DeFi platform Lido has become the largest provider of Ethereum staking services. Staking is a way for crypto owners to earn passive income without selling tokens.
Founded in 2018, Dragonfly Capital is a global crypto-focused investment company led by crypto-native investors.
In related news, Fortune published an article earlier last month claiming that Lido had a centralization issue and raised a warning signal. “One entity holding a large amount of Ether can increase the security risk of your network,” read the article. Opinion pieces also speculate that the Ethereum merger could cause problems for Lido’s small investors.