The proposal was submitted by Lido DAO’s financial unit, Steakhouse Financial, and considers four treasury-related proposals
LDO, the governance token of the decentralized autonomous organization (DAO) behind liquid staking system Lido, has advanced 10 per cent on the day after it set forth a proposal on Tuesday over whether it should sell or stake the $30mln in ether from its treasury.
The proposal was put forward by the financial unit of Lido DAO, Steakhouse Financial, and takes into account four treasury-related proposals, including whether the decentralized autonomous organization should sell or stake the 20,304 ether (worth nearly $30 million) it holds in its treasury, diversify its stablecoin holdings and sell its protocol excess of staked ether to finance operating costs.
The token, LDO, rose 18 per cent early Wednesday and has since pulled back to nearly 10 per cent higher on the day. LDO has advanced 30 per cent in a month and saw a rally late last week after the news that U.S.-based crypto exchange Kraken had settled with the SEC to stop its crypto staking service in the U.S.
Ethereum staking is the procedure of locking up an amount of ETH for a specific time duration in order to contribute to the blockchain’s security and earn network rewards. Lido DAO enables non-custodial staking which means users can stake their locked Ethereum into other protocols.
Lido DAO has the highest total value locked of all decentralized finance protocols, as per DeFiLlama, ahead of MakerDAO and Curve Finance. It has around $8.4bln of staked ether on its platform.
The decentralized autonomous organization also had a proposal put forward on Wednesday for approval for the authority to donate up to a maximum ceiling of 22 million LDO to a grants association for use in a Token Reward Plan (TRP), which will distribute voting LDO tokens over a period of up to four years to decentralized autonomous organization contributors.
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