Lido DAO (LDO) turned out to be one of the top winning tokens in the top 100 cryptocurrencies for the past 30 days. However, LDO token prices have taken a hit from the rejection of its board proposal to diversify the treasury.

Lido community says no to this proposal

According to Lido Finance, the proposal was aimed at the 1% allocation for DragonFly Capital failed. More than 66% of voters choose the option ‘No – Proposal needs more work’. However, about 33% of members voted for ‘keep on the list, lock up for 1 year’.

The proposal aimed to build a position for the stablecoin DAI in exchange for 1% of the LDO token supply. 10 million of the Lido DAO tokens would be sold at a price of $1.4521 per token for a total of $14.52 million.

Lido Finance said they will review the proposal based on the discussion in the research forum. A new vote will be taken taking into account the feedback and will be moved asap.

The price of the LDO token has increased by more than 113% in the past 30 days. Meanwhile, the price has fallen by more than 11% in the past 24 hours. Lido DAO is trading at an average price of $1.41 at press time. The 24-hour trading volume is also down 14% to $56.5 million. LDO’s circulating supply is approximately 312.95 million.

DAO introduces new proposal

Meanwhile, stablecoin, DAI’s 24-hour trading volume is up 105% to $894.8 million. However, it has also registered a small 0.02% drop in the past 24 hours.

Lido emphasized in its proposal ‘Treasury Diversification #2’ that it is looking for 2 years of operational runway for Lido DAO in stable coins. This will be done to ensure the stability of Lido and its key contributors.

It added that in order to secure the operational runway, Lido is proposing to sell 2% of the LDO token supply from its treasury. About 20 million LDO will be sold for $1.4521 per token.

Ashish believes in decentralization and has a keen interest in evolving Blockchain technology, the cryptocurrency ecosystem and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he’s not writing, he plays video games, watches a thriller, or works out outside. Reach me at [email protected]

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