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Gate.io Blog Daily Flash | LidoDAO Voted No to Selling 1% of LDO token to Dragonfly Capital, Crypto Market Stagnates Ahead of Today’s FOMC Meeting

Daily Flash | LidoDAO Voted No to Selling 1% of LDO token to Dragonfly Capital, Crypto Market Stagnates Ahead of Today’s FOMC Meeting

27 July 14:36

Today's Headline - LidoDAO Votes ‘No’ To Selling $14.5 Million In LDO Tokens To Dragonfly Capital

According to reports, a proposal that would have given 1% of the LDO token supply to Dragonfly Capital in return for roughly $14.5 million in DAI was rejected by LidoDAO, the entity that governs Lido Finance (DAI).

The proposal saw a participation of 609 votes cast across three options, to either reject the proposal, pass it with lockup of tokens or pass it without lockup of tokens.
In the early days of the voting, a whale address cast their LDO 15m token power to back the proposal, creating a more than 99% approval rate.

While crypto researcher Larry Cermak said it could be an over-the-counter (OTC) desk, Nansen CEO Alex Svanevik shared a screenshot suggesting that the whale address that supported the vote was associated with trading firm Alameda Research.

On this, Cobie, co-founder of Lido Finance, said on Twitter,

"VCs should be abstaining from any DAO votes to sell themselves tokens. If the vote is 'Should we sell Misc Capital 10,000,000 tokens for [USD] 1?' Then Misc Capital should abstain from voting on this proposal. ... Right?"

The proposal was ultimately rejected with 43 million total tokens in favor of rejection, while another 21m voted in support of it. An overwhelming bulk of the votes was cast by nine "whales," whose combined token holdings accounted for 40.3 million tokens.

If the proposal had passed, ten million LDO tokens would have been awarded at the price of $1.45 apiece to crypto venture capital firm Dragonfly Capital.

Chart of the Day - Top 10 DAPPs by the Past 7 Day Revenue Growth: CryptoRank report

As of this writing,
Bitcoin (BTC) is changing hands at around $21,282, up 0.53% in the past 24 hours,
while Ether (ETH) is trading at $1,456, or up 2.12% during the same period.
Among major altcoins, only Cardano (ADA) is trading at -0.71% during the same period, while the rest such as Solana (SOL), Polkadot (DOT), Avalanche (AVAX), and Cosmos (ATOM) are all trading in between +1.5% to +3%.

Notable gainers include:
Ethereum Classic (ETC) at $26.79 (+13.38%),
Quant Network (QNT) at $95.33 (+10.14%),
Radicle (RAD) at $3.8 (+87.46%),
Lido DAO (LDO) at $1.51 (+7.79%).

Notable losers include:
Numeraire (NMR) at $16.65 (-12.82%),
BarnBridge (BOND) at $20.11 (-5.56%),
Harmony (ONE) at $0.0197 (-4.22%).

On Tuesday, Bitcoin (BTC) price dropped below $21,000, giving back the majority of the gains accrued in the previous week and returning to the $23,300 to $18,500 range that Glassnode analysts describe as “the Week 30 high and Week 30 low.” The decline dropped BTC‘s price approximately 36% below its 200-day moving average of $32,000.

Given that BTC price is simply continuing to trade in the same range that it has been in for the past 42 days, the real question is whether the market will bring more consolidation or another round of capitulation.

In its latest onchain report, Glassnode analysts posit that investors can find their “conviction through confluence” of multiple technical and on-chain metrics which suggest the peak of capitulation has long past.

When compared against various cohorts of long and short-term sellers, and metrics like Realised Price, Mayer Multiple and longer-term daily and weekly moving averages, Glassnode suggests that confluence in the indicators and historical data point to growing bullish momentum.

Meanwhile, Ether, the second largest crypto by market cap rallied last week on optimism about the Merge, which would shift the Ethereum blockchain from a more energy intensive PoW model to PoS. But ether's 10% plunge on Monday represented its biggest dip in more than a month as the crypto broke from a six-day trading range of $1,460 to $1,660.

Influencer of the Day - CZ Sues Bloomberg’s Hong Kong Partner for Defamation

On Monday, Changpeng Zhao, the CEO of Binance, filed a defamation lawsuit against Modern Media CL., the publisher of Bloomberg Businessweek in Hong Kong. According to the report, the lawsuit was filed over the title of a translated article in Chinese that said Zhao was the head of a "Ponzi scheme."

The article was a translated Chinese version of Bloomberg Businessweek’s June 23 profile of Zhao. The English version of the article was titled “Can Crypto’s Richest Man Stand the Cold?” but the Chinese version was published with the title “Zhao Changpeng’s Ponzi Scheme.”

The filing is reportedly a personal suit by Zhao with no connection to Binance. Zhao objected to the article's de_script_ion of Binance as "sketchy" and to an unnamed trader's characterisation of Binance as a "huge shitcoin casino." According to the motion, these assertions were evidently designed to mislead readers into assuming that Zhao was breaking the law.

Zhao has filed restraining order to prevent the defendants from disseminating the portrayal further. He has also separately filed a motion for discovery against Bloomberg L.P. and Bloomberg Inc. in the U.S. District Court for the Southern District of New York as a result of "defamatory allegations" in the profile article.

Buzzes of Yesterday - #Kimchi Premium to be Investigated in South Korea, #Brazil’s Nubank Hit 1M Crypto Users Benchmark

Biggie Smalls’ Estate Goes Crypto With Music License NFTs

Crypto Lender Celsius Files to Retain Former CFO to Advise on Bankruptcy Proceedings

AntPool Supports Ethereum Classic Ecosystem With $10M Investment

FOMO Pay taps Ripple’s liquidity solution for treasury management

Global Investment Bank Moelis Launches Dedicated Blockchain Advisory Team

IMF recession warning sees Bitcoin dip under $21K amid fresh $1M BTC price forecast

El Salvador Introduces 2 Sovereign Debt Repurchase Bills in Effort to Allay Default Concerns

Brazil’s Largest Digital Bank Nubank Reaches 1M Crypto Users After Just a Month

U.S. Bipartisan Bill Seeks to Eliminate Taxes on Crypto Transactions Under $50

South Korean Authorities Launch Probe Into Bitcoin’s ‘Kimchi Premium’

Author: Gate.io Researcher Peter L.
This article represents only the researcher's views and does not constitute any investment advice. Gate.io reserves all rights to this article.
Reposting the article will be permitted provided Gate.io is referenced.
In all other cases, legal action will be taken due to copyright infringement.
ETH/USDT -4.06%
BTC/USDT -3.03%
XRP/USDT -2.79%
LDO/USDT -2.27%
ETC/USDT -3.41%
CEL/USDT -6.74%
RAD/USDT -6.67%
QNT/USDT -3.75%
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