Lido Finance Plans To Sell Ldo Tokens For $29 Million

According to data from a voting page on decentralized government (DAO) platform Lido Finance, the company launched a survey for diversifying its existing treasury to prepare for a future bear market. According to the information, the management of the site planned to sell 2% of the total LDO supply at a price of $1.45 for a total of about $29 million /

It became known that the investment company Dragonfly Capital will lead the round and decided to purchase 10 million LDO tokens. The buyer will immediately be granted full voting rights for the development of the startup.

According to the data, a price of $1.45 per LDO is considered the most appropriate and may encourage many market participants to become part of the DAO Lido decentralized organization. The funds raised from the sale will allow the developers of the decentralized finance (DeFi) startup to build a cash reserve and avoid problems during a further bear market. Nevertheless, the community expressed confidence that this would have an extremely negative impact on the further course of the virtual asset.

Many LDO holders are unhappy with the existing supply and have sold their tokens. Now the cost of the token has adjusted by 12.69% from the similar values ​​of the day before and the cost of LDO was $1.44. However, many said that the price of digital currency could fall even more significantly.

Experts recalled that the main reason for the growth in the value of the cryptocurrency was the news about the merger of Ethereum Merge and the participation of Lido Finance in the smart contract for staking Ethereum 2.0. Investors showed extreme interest, and the token was seriously overbought, after which the rate underwent a short-term correction.