Feb 15, 2023
LidoDAO Proposes $30M ETH Stake or Sale
The decentralized autonomous organization behind Lido, the largest Ethereum staking pool, is weighing its options regarding the $30 million in Ether (ETH) currently held in its treasury.
On February 14, Steakhouse Financial, the DAO’s financial unit, submitted four proposals to the LidoDAO asking how it should manage its treasury.
One of the proposals considers staking part or all of the ETH on Lido in the form of Lido Staked ETH (stETH). Another suggests selling a portion or all of the 20,304 ETH for a stablecoin, in order to extend the DAO’s runway.
The Ethereum Foundation has announced that staking withdrawals will soon be enabled through Ethereum’s Shanghai and Capella upgrades, which are expected to take place early this year.
Steakhouse Financial noted that LidoDAO is currently making approximately $1.3 million to 1.5 million per month with the price of ETH hovering between $1,100 and $1,700 over the past few months. This should cover monthly operating expenses, however, Steakhouse Financial is still considering whether it is worth converting excess stETH into a stablecoin to better prepare for any change in market conditions that may lead to increased operating expenses.
A business development representative from LidoDAO said that they’re not particularly thrilled with the current state of the stablecoin market.
The proposals come as the total value locked (TVL) of stETH fell 6.66% from Feb. 6 to Feb. 13. Lido’s TVL is currently $8.13 billion, according to on-chain metrics platform DeFiLlama.
The decision to sell or stake the ETH will have a significant impact on the NFT marketing and promotion space. If the DAO decides to stake the ETH, it will be able to use the rewards to fund NFT marketing campaigns, as well as NFT promotions and giveaways.
This could be a great opportunity for web3 agencies to get involved in NFT marketing and promotion, as well as for those who are looking to sell NFTs.
Twitter NFT marketing and promotion could be a great avenue for web3 agencies to reach a larger audience and increase the visibility of NFTs. Additionally, an NFT marketing agency could be a great resource for those who are looking to sell NFTs.
The decisions made by the LidoDAO will have a huge impact on the NFT space, and it will be interesting to see what the DAO decides to do with its treasury.
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