LidoDAO rejects sale of 10M LDO tokens to Dragonfly Capital

LidoDAO, the governance body that controls Lido Finance, voted to reject a proposal that would have sent 1% of the LDO token supply to Dragonfly Capital in exchange for about $14.5 million in DAI.

LDO is the native token of the Lido Finance protocol, which issues the Lido Staked Ether (stETH) token. DAI is a dollar-pegged stablecoin issued by Maker Protocol. If it passed, crypto VC Dragonfly Capital would have received 10 million LDO tokens at $1.45 each.

A total of 609 votes were cast on the three options, but the proposal was ultimately rejected with 43 million total tokens in favor of rejection. Nine whales with a combined 40.3 million tokens comprise the vast majority of the voting weight.