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.
- Breaking: Singapore Financial Regulator Reprimands Three Arrows Capital
- Ethereum Exchange Supply Spikes, ETH At A Risk of Correcting to $700 And Below
- NFT Marketplace OpenSea Flags Data Breach, Here’s What Was Leaked
- EU Passes A Bill to Trace the Flow of Bitcoin & Crypto Assets In Regulatory Tightening Measures
- North Korea’s Lazarus Group Behind $100 Million Horizon Hack, Harmony Initiates Global Manhunt
- Grayscale Initiates A Lawsuit Against the U.S. SEC Over Spot Bitcoin ETF Issues
- Pentagon Raises Damning Concerns Over Bitcoin, Ethereum Security
- Bitcoin Cash Sinks 7% As Its Biggest Advocate Is Accused Of Default
- Here’s Why Ethereum (ETH) Price Can Plunge More Ahead
- This Crypto Winter Suite Could Help Investors In Bear Market
- NEAR Price Analysis: Falling Prices Eye $3 Breakdown; Should Coin Holders Worry?
- SHIB Price Analysis: Sustained Selling may Lead $SHIB to $0.0000074?
- Sandbox Price Analysis: Crashing SAND Prices Warns 25% Downfall
- Solana Price Analysis: $36 Breakdown Teases SOL Price to Revisit $26
- Chainlink Price Analysis: Wedge Pattern could Lead LINK price below to $5
- AAVE Price Analysis: Buyers Need $76.6 Breakout to Trigger Bullish Recovery
- Apecoin Price Analysis: Rising APE Price Knockout Another Barrier; is $6 Next?
- Stacks Price Analysis: Reversal Within Wedge Pattern Eyes $0.3 Support
- 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?
