Lido Finance, the largest liquidity staking pool platform, said on Wednesday it will not launch the Lido staking pool on Terra 2.0. The proposal to support Terra’s reboot received 94.57% votes in against from the Lido DAO community. In fact, Lido Finance had Terra as the second-largest platform after Ethereum for liquidity staking, with about $10 billion in total value locked (TVL) before the crash.
Lido Finance Will Not Support Terra Relaunch
On May 22, Lido DAO introduced a proposal for voting on whether Lido should launch on the new Terra blockchain. However, the voting has now ended, with the community opposing the re-launch of the Lido staking pool on Terra 2.0 due to perceived risks.
The option “No relaunch” received 94.57% votes, with 54 million LDO tokens, while “Relaunch” received just 5.43% votes, with 3.1 million LDO tokens. After the Lido community voting, the governance process confirmed rejecting support for Terra.
Despite the $19,250 monthly revenue under the Terra new proposal, the community has majorly voted against supporting Terra 2.0. In case the Lido DAO rejects the proposal, bLUNA and stLUNA holders can still claim LUNA, the proposal specifically noted.
“The allocation of Terra’s new token to bLuna and stLuna holders is not contingent on the DAO’s decision. In other words, if the DAO decides not to support the reboot, bLuna and stLuna users at the time of the snapshots will still be able to claim their shares of the allocations.”
Trending Stories
Moreover, Lido Finance will soon share information regarding Lido on Terra Classic in the near future for the benefit of bLuna and stLuna holders. Meanwhile, the Terra 2.0 proposal 1623 for the new blockchain has officially been passed. The proposal received 65.5% votes in favor, 20.98% abstaining, and 0.33% opposing it.
Terra Losses Trust of the Crypto Community
Terraform Labs’ founder Do Kwon received backing from validators and Terra Builders Alliance, but community support remains unclear at this point. In fact, South Korean exchanges including Upbit, Coinone, Cobit, Bithumb, and Gopax seem to reject the listing of the new LUNA token due to ongoing investigations.
- Are Hedge Funds Planning USDT Dump? Tether CTO Responds To Rumors
- Here’s Why Apecoin (APE) Price Is Skyrocketing Today
- Crypto Prices Falling Despite “Buy The Dip” Sentiment, Data Reveals Why
- Institutional Traders Dumped Bitcoin At A Record Pace Last Week
- Terra USTC Jumps 300%; Lands Back In Top 100 Cryptos
- Ripple’s EX CTO Dumps 40 million XRP tokens In Last 10 Days
- Dogecoin Soars 35%, Here’s Why Breaking This Level Is Crucial
- Crypto Lender Nexo Denies Fraud, Issues Cease And Desist Notice
- Ethereum (ETH) Price Rise and Stability Pulls Broader Crypto Market to $1 Trillion
- Scoop: This Hedge Fund Is Trying To Bailout BlockFi To Counter FTX
- Tezos Price Analysis: XTZ Rebounds from Yearly Support; is it a good buy?
- Tron Price Analysis: Triangle Pattern Governs the TRX Price Action; Should Coin Holders Worry?
- Dogecoin Price Analysis: DOGE Winning Streak Aims to Reclaim $0.077
- Apecoin Price Analysis: Reversal Pattern Sets 21% Rise in APE Price
- Ethereum Price Analysis: Will ETH Relief Rally Revert From $1300?
- Bitcoin Price Analysis- Higher Price Rejection Hints BTC to Retest $20000
- SHIB Price Analysis: Overhead Supply Pressure Hints SHIB to Retest $0.00001
- Avalanche Price Analysis: Will The AVAX Breakout Rally Reach $30?
- Sandbox Price Analysis: U-shaped Recovery could Lead SAND above $1.5
- NEAR Price Analysis: Reversal Within Channel could Sink NEAR Below $3
