Overview of the Vote

LidoDAO, the governance entity behind Lido Finance, recently cast its vote on a proposal that would have allocated 1% of the LDO token supply—roughly 10 million tokens—to Dragonfly Capital in exchange for about $14.5 million worth of Dai (DAI). Spoiler alert: the proposal didn’t make the cut. With a decisive 43 million tokens firmly in favor of rejection, it was clear that the whales were swimming in this decision.

Breaking Down the Numbers

A total of 609 votes were cast, but let’s be honest, it was the whales who decided this ship’s course. Their 40.3 million tokens gave a colossal nudge towards rejection, overshadowing the other options which included proposals with different locking mechanisms. If you had your money on Dragonfly getting a sweet deal, consider your bet off.

The Proposal’s Intentions

Proposed by Jacob Blish, the idea behind the proposal was a noble one—grant the LidoDAO a financial buffer to function without the constant worry of fundraising for a solid two years. Blish eloquently stated that this would allow Lido to flourish as an autonomous collective. However, it seems the waters are a bit murkier than anticipated.

Community Reactions

One would expect an uproar or at least a flurry of tweets after such a significant vote. Alas, the Lido community was eerily quiet on their Discord and Twitter channels post-vote. Was this apathy or is everyone just too busy to chat about their governance body? Regardless, the proposal will be re-evaluated and could possibly see another trip to the voting booth.

Future Considerations

So what’s next for LidoDAO and its treasury, which currently boasts a value of approximately $228 million? There’s still the unresolved portion of the proposal regarding the sale of another 10 million LDO tokens to LidoDAO’s treasury. Whether this will gain traction after the rejection remains a mystery.

Conclusion

For now, it appears that LidoDAO is setting sail towards a different horizon. The taking weight of those whale votes has steered the project away from a potentially lucrative deal with Dragonfly Capital. Perhaps in the murky waters of governance, the community’s decisions will ultimately craft a more secure and resilient future for the protocol.