Lido token climbs 16% after grant-distribution vote for 22 million LDO

The DeFi project Lido Finance community backed the new grant-distribution system for ecosystem projects. The Lido DAO token (LDO) rose 16% in 24 hours.

Under the proposal approved by nearly 100% of votes, 22 million LDO will be distributed over four years. Payouts will be made via multisig-wallets.

Among the improvements adopted:

• creating a universal structure for grant accounting;
• increasing the number of independent participants in decision-making;
• waiving liability for former initiative participants who could not fulfil obligations.

The aims of the governance proposal were stated as:

• harmonisation and simplification of agreements;
• strengthening decentralisation;
• independence of grants from the time, resources or effectiveness of projects;
• the principle of voluntary participation for donors in the programme.

The developers noted that during discussions, the majority of programme participants confirmed their willingness to continue the programme and allocate resources.

As reported in February, Lido announced the release of a new version of the protocol.