Lido Finance announces sale of $29 million LDO tokens, know the reason

Lido Finance has announced the sale of a large number of LDO tokens. The company’s motive behind the sale is to make itself stronger to withstand the downturn in the crypto market. A voting page has been started on this decentralized governance platform where investors can vote. This voting has been started a day back.

Lido Finance through an announcement has started this voting 24 hours ago to sell 2% of the total LDO supply for $1.45 (approximately Rs 120). That is, each LDO token will be sold at a price of $1.5. A company called Dragonfly will lead the investment and buy 10 million tokens. The amount sold will be unlocked immediately and voting rights will be given to the purchaser.

According to the voting page, a justified rate of $1.45 per LDO token will encourage voting investors to become part of the Lido Decentralized Autonomous Organization. The funds that will come from the sale will provide a way for the DAO and avoid immediate selling pressure. However, while announcing the sale, its makers should also keep in mind that the entire plan will depend on the market conditions.

The company has given complete details of the cell structure and over the counter nature, but still some LDO holders are not happy with this proposal. The rally is currently going on in LDO, which is believed to be due to the Ethereum merge update. LDO has been witnessing a surge ever since the release date of Ethereum 2.0 was announced. Its holders have made a profit of 200% in the last few days.

Download the Gadgets 360 Android app and follow us on Google News for the latest tech news, smartphone reviews and exclusive offers on popular mobile phones.

Related news

Leave a Comment