- LDO’s community voted against the Dragonfly Capital allocation proposal.
- The proposal would have seen Lido Finance’s DAO build a $14.5 million position in DAI.
- In related news, LDO’s price has dropped more than 10% over the past 24 hours.
In the latest Lido Finance proposal, the community voted down a proposal that would send Dragonfly Capital 1% of LDO’s supply in exchange for about $14.5 million worth of DAI.
According to a snapshot of the proposal, Lido Finance’s DAO was looking to build a position in the stablecoin DAI in exchange for 1% of the LDO supply, which is approximately 10 million LDO. The transfer would see the DAO receive the 10 million DAO for $1.452153 for a total of $14.5 million.
The voting for the proposal opened on July 21, 2022 and closed yesterday, July 25. The results of the proposal show that 66.61% of the community rejected the proposal. Also, 33.31% of the community voted in favor of the proposal but with a 1-year lock-up of the DAI, while 0.08% voted in favor of the proposal with no lock-up period.
At the time of writing, DAI’s price has dropped slightly below the $1 mark at $0.9998, according to the crypto market tracking website, CoinMarketCap. DAI has also strengthened against Bitcoin (BTC) and Ethereum (ETH) by an estimated 3.53% and 6.73%, respectively, as the two market leaders experienced a decrease in price over the last 24 hours.
Meanwhile, LDO experienced a 10.99% decrease in price within the last day, taking its price down to $1.41. LDO also weakened against BTC and ETH by 7.61% and 4.80% during this period.