Just two days after its initial plan failed to pass a community vote, staking giant Lido Finance submitted a new proposal on Monday for the sale of 10 million Lido DAO (LDO) tokens, about 2% of its total supply, to Dragonfly Capital.
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Fast facts
- Lido is proposing the sale of 1% of its total LDO supply from its treasury, with another 1% to be “handled at a later date.”
- The new proposal comes with a one-year lockup, as the lack of vesting options was a point of concern for the community.
- The sale price of the LDO will be taken from the seven-day average price of LDO at the end of the voting process, plus a 5% premium. This differed from the previous proposal which had a flat rate of US$1.45.
- Dragonfly will have the option to withdraw from the deal if the sale price of each LDO token exceeds US$2.25.
- The proposal goes to a vote on July 27, 6:00 p.m. EDT with two options, to either accept or reject the proposal.
- LDO gained as much as 41% on Thursday in Asia before slipping to trade at US$2.07 at close of business.
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