9/ The concerns regarding runway were acknowledged by the team, who introduced a new proposal as part of the 'Treasury Diversification Plan' on July 18th.
The proposal aims to 'secure ~2 years of operating runway for Lido DAO, in stable coins.'
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10/ A summary of the proposal:
• 20M LDO (2% of supply) to be sold by the DAO treasury at a purchase price equal to $29,043,051.43 in $DAI stable coin.
• DragonFly Capital to acquire 1%, or 10M LDO.
• Other partners to acquire the remaining 1%, or 10M LDO tokens.
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13/ Concerns started brewing amongst holders that if Dragonfly purchased these tokens (now at below market value), they would simply dump their tokens on the open market.
The proposal had no lockup clause, meaning Dragonfly would be free to sell tokens at their discretion.
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14/ Even agreed that "it doesn’t make much sense to me for there to be no lockup on tokens.”
A. Ramachandran (Dragonfly Partner), rebutted by saying that "it’s difficult for us to invest in illiquid token deals, hence the no-lockup structure of this deal.”
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15/ Nonetheless, On July 21, commenced voting on the proposal, focusing on the 1% allocation for .
There were 3 options for voters:
• No-Proposal needs work
• For-Keep as listed, 1 yr lock up
• For-Keep as listed, no lock up
snapshot.org/#/lido-snapsho
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16/ Despite the "no" vote dominating in the proposal's early stages, an anonymous whale stepped in with a HUGE 15M $LDO vote, opting to continue the deal with NO lock up.
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17/ The community was outraged that despite an (almost) unanimous consensus on the forums, one singular whale could simply swoop in and sway the voting.
Quote Tweet
Always the same story.
DAO voting outcomes are usually determined before the proposal is even published.
All that 15m LDO vote for no lockup came from one wallet. Yet when you read the pre vote discussion, almost everyone advocating for some form of a lockup.
Theatrics. twitter.com/HsakaTrades/st…
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18/ Shockingly, ( CEO) revealed that the whale was actually funded by none other than 's !
Quote Tweet
Replying to @lawmaster and @HsakaTrades
h/t @Daryllautk
pro.nansen.ai/wallet-pair-pr
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don't think it was related
think this was sent from a Copper wallet--could have been any of their users on the other side
equivalent of exchange hot wallet, impossible to know which party actually sent, even if you can determine who deposited the assets to copper
I hope that the acquisition of Bithumb Exchange in Korea will be achieved
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